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Asian markets climb in strong start to the week

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Asian markets climb in strong start to the week
Asian markets climb in strong start to the week

Hong Kong (CNN Business)Asian markets climbed on Monday after positive sentiment from Wall Street spilled into the region.

Chinese stock markets continued their bull run. The benchmark Shanghai Composite (SHCOMP) advanced 1.8%, after recording the best weekly gain in five years. The CSI 300 — an index of big cap stocks in Shanghai and Shenzhen — rose 2.3%. Goldman Sachs last week predicted the CSI 300 would rise another 15% within the next few months.
Japan's Nikkei 225 (N225) was up around 2%. South Korea's Kospi (KOSPI) rose 1.7%, and Hong Kong's Hang Seng (HSI) gained 1.2%.
US stock futures are higher. Dow (INDU) futures rose 187 points, or 0.7%. S&P 500 (SPX) futures were up 0.5% and Nasdaq (COMP) futures were up 0.6%.
Gains came as last week's positive sentiment from Wall Street continued due to investor optimism over a coronavirus treatment.
Investors are also looking ahead to a busy week full of corporate earnings, economic data and central bank rate decisions.
In Asia, China is set to release trade and GDP data on Tuesday and Thursday, respectively. The Bank of Japan will release its interest rate decision on Wednesday, while the South Korean central bank will do so on Thursday.
Earnings season for the second quarter in the United States also kicks off this week. JPMorgan Chase (JPM), Wells Fargo (CBEAX), and Goldman Sachs (FADXX) are just a few of the big banks and asset managers that will post their latest results.
Last week, US stocks ended higher and the Nasdaq Composite closed at yet another all-time high, after drug marker Gilead said new data supports the effectiveness of remdesivir as a Covid-19 treatment.
- CNN's Anneken Tappe, Paul R. La Monica and Julia Horowitz contributed to this article.
Pub Time : 2020-07-13 17:41:33 >> News list
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