Asia Stocks
Stocks in the Asian region were seen starting off the week trading higher on Monday after China’s central bank made an unexpected decision on Friday to cut interest rates amid the sharp slowdown on Asia’s largest economy.
The People’s Bank of China (PBoC) lowered the country’s interest rates for the first time in July 2012. The one-year lending rate was cut by 0.4% percentage point to 5.6%, while the one-year deposit rate was lowered by 25 basis points to 2.75%.
Hong Kong’s Hang Seng index edged 2.1% higher to 23,931.50 points at the time of writing, while the Chinese mainland Shanghai Composite climbed 0.85% to 2,507.88 points.
China joins the European Central Bank of the Bank of Japan in ramping up stimulus as the Chinese economy heads for its slowest annual growth in 25 years.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Real estate developer China Vanke, climbed 6.8%, while the Chinese Railway Construction Corp. added 1.7% after securing contracts worth $1.98 billion in Saudi Arabia.
Markets in Japan were closed on Monday in celebration of Labour Thanksgiving day; however the nation’s yen strengthened against the US dollar, trading around 117.58 yen.
South Korea’s Kospi index added 0.82% to 1,980.92 points, while the Australian S&P/ASX 200 index gained 1.04% to 5,359.30 points at the time of writing.
In Sydney, stocks were boosted by the unexpected stimulus announcement from China, with Iron ore miners climbing higher. Fortescue metals rallied 10%, while Atlas Iron added just over 2.5% and BC Iron jumped 7%.
Banking stocks also saw gains, with National Bank edged 0.6% higher while Westpac rose 1% and Commonwealth Bank of Australia and ANZ each gained 0.4%.
Europe Stocks
Stocks in Europe opened mixed on Monday, as the market focus on the IFO business climate gauge for November due later in the day.
Europe’s Euro Stoxx 50 climbed 0.42% to 3,207.44 at the time of writing, with the UK’s FTSE 100 declined 0.01% to 6,750.31.
The German DAX 30 gained 0.12% to 9,744.22 at the time of writing, while the French CAC 40 index rose 0.35% to 4,362.29 at the time of writing.
Deposit into your trading account today and receive up to $5,000 deposit bonus! Register today!
http://www.hymarkets.com/hylp/lp20141016.html …
The post Stock Markets Report 24th November appeared first on | HY Markets Official blog.
