Checkout
Cart: $0.00 - (0 items )

China bourses rally while Asia peers struggle

Monday 03:45 BST

Overview

China markets rallied as other bourses across Asia struggled for traction and oil prices added to gains made late last week.

Hot topic

Hong Kong’s Hang Seng Index was up 0.5 per cent, with the China Enterprises index of blue-chip Chinese companies listed in the city climbing 0.9 per cent.

On the mainland, China’s CSI 300 index of large market cap companies was up 1.1 per cent, extending gains in the wake of MSCI’s decision last week to include A-shares in its emerging market benchmarks. The Shanghai Composite and Shenzhen Composite each added 0.7 per cent.

In Tokyo, the Topix was struggling to hold on to early gains, up 0.1 per cent as a 0.5 per cent fall in the financials segment offset gains elsewhere. Toshiba was among the worst performers, dropping as much as 6.9 per cent following news on Friday that its shares would be demoted to the second section of the Tokyo Stock Exchange.

In Sydney, the S&P/ASX 200 was flat.

Forex

Currency market movements were mild. The Australian dollar gained 0.2 per cent against its US counterpart to $0.758, while the Japanese yen was flat at ¥111.31 per dollar.

Outside the region, the UK pound was up 0.2 per cent at $1.275. The dollar index, which measures the greenback against a basket of peers, was unchanged at 97.249.

Fixed income

Government bonds were little moved as the trading week got under way. The yield on 10-year US Treasuries was up 1 basis point at 2.151 per cent. Yields move inversely to prices.

The 10-year Japanese government bond yield was flat at 0.045 per cent, as was that on the equivalent Australian government note, at 2.367 per cent.

Commodities

Crude oil prices built on gains made late on Friday.

Brent crude, the international benchmark, was up 1.1 per cent at $46.04 a barrel in Asia while West Texas Intermediate, the US marker, was up the same amount, at $43.46.

Gold was off 0.1 per cent at $1,255.98 an ounce.

For market updates and comment follow us on Twitter @FTMarkets