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Chinese Shares Lead Positive Asian Stock Markets

Asian shares got off to a positive start in a holiday-shortened week with Chinese shares leading the region’s gains on stimulus hopes.

The Shanghai Composite rallied 3% to close at 3,786.57, while Hong Kong’s Hang Seng ended up 1.5% at 24,855.12.

Mainland shares tested highs last seen in May 2008 as Beijing unveiled plans to construct a modern Silk Road to improve links to Europe and Africa.

Investors awaited more infrastructure spending and policy easing.

Greater China shares were also boosted after China allowed mainland mutual funds to buy Hong Kong stocks via the Shanghai-Hong Kong Stock Connect.

In Japan, shares were up despite negative factory production data, which showed the biggest drop in output since June 2014.

The benchmark Nikkei 225 closed up 0.7% at 19,411.4.

Industrial output fell 3.4% in February from the previous month as companies curbed production due to the Lunar New Year holidays.

The dollar was at 119.19 yen, compared with 119.14 yen in New York trade on Friday.

via BBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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