Rising optimism in China sends stock markets higher.
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China’s so-called purchasing managers’ index (PMI), which is an important indicator of economic development in a country, showed increased activity in the country when the figures were presented on Sunday.
A PMI above 50 is a sign of increasing activity, while below 50 suggests that activity is declining. China landed above 50 for the first time since September last year.
The stock markets in China are characterized by an upturn following the PMI figures. China’s CSI 300 index is up over 1.8 percent, the highest since the end of February, writes Bloomberg.
– Rising China optimism is real, says Visnu Varathan, chief economist at Mizuho Bank in Singapore, to the news agency.
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Yen fall
Japanese shares fall on Monday, while the yen weakens further against the dollar.
The country’s Finance Minister Shunichi Suzuki said in a statement on Monday that speculation in the yen does not reflect economic realities.
– We will follow developments in the currency market closely and will respond appropriately to the movements without ruling out any alternatives, he said in the National Assembly, according to Reuters.
When one dollar cost 151.975 Japanese yen in the middle of last week, it was the yen’s 34-year high. On Monday morning, one dollar trades for 151.315 yen.
Several are closed for Easter
The stock exchanges in Australia and Hong Kong are closed in connection with the Easter holiday, as are the stock exchanges in Europe.
Wall Street is open on Monday, and there is an uptick in early trading, according to CNBC.
This is what it looks like for some of the most trend-setting stock exchanges that are open on Easter Sunday:
- The Nikkei index in Tokyo falls 1.40 percent
- The Shanghai Composite rises 1.06 percent
- Kospi in Seoul is up 1.23 percent
- Singapore’s FTSE Straits Times climbs 0.46 percent
