Home » World » Asian stock markets on the rise: China boosts, Australia takes a hit | Eulerpool News

Asian stock markets on the rise: China boosts, Australia takes a hit | Eulerpool News

The Asian stock markets recorded mostly positive developments on Tuesday. In particular, Chinese stock exchanges posted notable gains, while Australia faced slight losses. According to market strategists at Deutsche Bank, the encouraging economic data from China was the driving factor behind the profit increases. The mood in Chinese service companies improved significantly in October, which was illustrated by an unexpectedly strong increase in the sentiment barometer from the business magazine ‘Caixin’. The index climbed by 1.7 points to 52.0 points, while analysts had only forecast a moderate increase to 50.5 points. The upcoming US presidential election also remains in the focus of market participants. Another reason for the upward movements is likely to be the government measures to support the economy in China. The CSI 300, a representative index of mainland Chinese markets, showed a gain of 2.53 percent in late trading, reaching 40,44.67 points. The Hang Seng Index in Hong Kong also recorded an increase of 1.87 percent to 20,951.74 points. Stocks also rose in Japan, helped by a weaker yen that is supporting the country’s export-oriented economy. The Nikkei 225 gained 1.11 percent to 38,474.90 points. Australia, on the other hand, showed a gentle weakening in price development. As expected, the country’s central bank left key interest rates unchanged, with monetary authorities pointing to ongoing uncertainty. The S&P/ASX 200 closed down 0.4 percent at 8,131.83 points.

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