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July 13, 2016

Asian stocks rise on weaker Yen and China export&import data, US stocks keep at record levels.

Asian stocks rise on weaker Yen and China export&import data, US stocks keep at record levels.

Asian shares rose in Wednesday with markets waiting for data on the foreign trade in China which will set trading sentiments for today. Nikkei 225 rose by 1.29%, S&P/ASX 200 closed with 0.43% gains. Earlier today, the index of consumer sentiment in Australia from Westpac in July fell to  -3.0% from -1.0% in May. Next meeting of the Reserve Bank of Australia will be held on August 2. “We expect that the policymakers will cut the interest rate to 1.5 percent”, said Westpac Chief Economist Bill Evans.

Chinese shares rise for the third consecutive day following the growth on American and European market. Shanghai Composite rose by 0.37%, while the Hang Seng advanced 0.54%.The people’s Bank of China raised the reference rate of the Yuan against the greenback from 6.6950 to 6.6891. It is expected that the trade surplus in China will total $46.64 billion. Imports in June fell by 4.1% year-on-year and exports fell by 5.0%.

Dow Jones Industrial Average reached a new record intraday peak and the closing level. S&P 500 Composite set new records for the second consecutive day as crude oil futures jumped in price by 4%, rebounding from the lowest level for almost two months. Foreign investors are buying up stocks on Wall Street due to the collapse of the yen.

The Dow finished the day at 18.347 level, after rising for the session by 120.74 (0.66%) and beating the previous record set in May 2015. After falling by more than 850 points in two days after the British decision to withdraw from the EU, the Dow rose nearly 1300 during the large-scale global equity gain.

S&P 500  reached the record intraday peak of 2.155,40 closing at a record level of 2.152,14, making 14.98 points (0.70%). Eight out of ten sectors from the index ended the day in positive territory, with the best results shown by raw material and energy sectors, gaining more than 2%. High yield stocks of telecommunications and utilities, known as defensive assets declined during the session. The NASDAQ Composite rose by 0.69%.

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