The signing of the RCEP trade agreement, robust regional GDP data, and a firm finish to Wall Street on Friday have all combined to lift Asian stocks sharply today. Japan Preliminary GDP rose by 5% in Q3, well above the 4.40% expected. Japan’s economy will still contract this year, but in combination with an anticipated supplementary budget soon from the Suga administration, the damage will be smaller than anticipated.
After-market US index futures are all firmer today, with the S&P e-mini, Nasdaq 100 and Down Jones futures all over 0.80% higher.
The Nikkei 225 has jumped nearly 2.0%, boosted by supplementary budget hopes. The Kospi has rallied 1.90%, with technology leading the way. In China, the Shanghai Composite is 1.0% higher, and the CSI 300 is 0.75% higher, with Hong Kong up 0.50%.
Taiwan has risen 1.50%, with Singapore up 1,30%, Jakarta lagging at 0.10% and Kuala Lumpur up only 0.05%. Both Jakarta and Kuala Lumpur may be suffering a post-rotation hangover, given the preponderance of legacy industries in their indexes.
Australian markets had started strongly today, with the All Ordinaries climbing 1.20%, and the ASX 200 rallying 1.40%. Unfortunately, the Australian Stock Exchange has been down since 10:30 Sydney time, due to “technical issues.” Just what sort of a technical issue is the subject of much speculation.
For more information please refer to the original article: https://www.marketpulse.com/20...
Edited 16 Nov 2020, 19:24
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