Shanghai adds 0.5% as yuan strengthens against dollar – CNBC
8 months ago Comments Off on Shanghai adds 0.5% as yuan strengthens against dollar – CNBC
Markets in Asia totted up gains for the week despite a tepid session on Friday that saw major indexes waver between positive and negative territory. Asian currencies, including the yuan, strengthened against the dollar.
Japan’s Nikkei 225 retraced losses from earlier in the session to close up 54.62 points, or 0.32 percent, at 17,014.78. For the week, the benchmark index gained 5.1 percent as it returned to above the 17,000-level. Across the Korean Strait, the Kospi finished down 2.54 points, or 0.13 percent, at 1,955.63; the index gained about 1.9 percent for the week.
Chinese markets finished mixed, with the Shanghai composite reversing losses to close up 14.29 points, or 0.5 percent, at 2,874.05; the index was up 3.8 percent for the week. The smaller Shenzhen composite slipped in Friday’s session, closing down 51.16 points, or 2.91 percent, at 1,706.96.
Hong Kong’s Hang Seng index added 1.16 percent as of 3:15 p.m. HK/SIN time. Australia’s S&P/ASX 200 index added 8.90 points, or 0.18 percent, to 5,090, registering a 4.3 percent overall gain for the week.
Despite the weekly gains, Chris Weston, chief market strategist at IG, said in an afternoon note that there is an air of fatigue from the bulls in several developed equity markets even as they continue to grind higher.
Weston added, “We have not yet reached the point where the market internals are highly suggestive of contrarian short positions. But the market is in need of some injection of new news to provide an injection of inspiration and cause a new leg higher. It seems unlikely this inspiration comes from today’s U.S. payrolls.”
Markets are awaiting cues from U.S. non-farm payrolls data due later in the global day.
David de Garis, director and senior economist for fixed income, currencies and commodities at the National Australia Bank, wrote in a note that the non-farm payroll data are likely to be “pretty solid overall with a near 200 [thousand] print in employment expected.”
Other important events that could likely provide cues for markets in the coming days include China’s National People’s Congress (NPC), which begins this weekend, as well as the European Central Bank and Bank of Japan meetings next week.
Shanghai adds 0.5% as yuan strengthens against dollar – CNBC}