Asian stocks extend gains, China bucks the trend

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The sentiment on the Asian markets remain mixed this Wednesday, with the Chinese stocks extending losses, while rest of Asia gains further and rises to fresh four-month highs.

    The overnight jump in the commodities, especially gold and iron-ore, provided the much-needed boost to the resource and mining stocks. While oil prices retreated on reports that a labour strike in Kuwait came to an end.

    Nikkei rises, despite yen’s strength

    The Japanese stocks rose for the second straight session as the overnight weakness in the yen, helped lift exports-oriented stocks. However, the upside remains capped as the JPY bulls appear to fight back control this session amid renewed weakness in the oil prices. While poor Japanese trade data also weighs on the sentiment. The Japanese benchmark index, the Nikkei 225 gains +0.61% to 16,977 points, while USD/JPY drops -0.12% to 109.06, fading a spike to 109.33 levels.

    The Australian markets also kept moderate gains, with the benchmark S&P/ASX 200 index advancing +0.32% to 5,205. While the Chinese equities extended gains, with the bulls completely ignoring highest injections by PBOC n two weeks on increased seasonal demand for cash. The benchmark Shanghai Composite index drops -0.28% to 3,035 points, the CSI300 index slides -0.94%, while Hong Kong’s Hang Seng also loses -0.57% to trade around 21,330 levels.
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