JKB Financial Services Ltd.

As on : 28-Oct-2024

Market Commentary - Foreign Markets
28-Oct-2024 16:42

Chinese shares gain ahead of economic data due this week

Asian stocks rose broadly on Monday, with Japanese markets leading regional gains after the country's ruling Liberal Democratic party lost its majority in Parliament's lower house in weekend elections, triggering a sharp fall in the yen to a three-month low and boosting export-related shares.

The dollar firmed up and gold inched lower amid heightened global uncertainties and ahead of key U.S. inflation, GDP and labor market data due later in the week.

Oil prices were down more than 4 percent in Asian trading after Israel's attack on Iran at the weekend avoided oil and nuclear facilities and Tehran signaled a measured response.

China's Shanghai Composite index rose 0.68 percent to 3,322.20 ahead of key economic activity readings due this week.

Investors shrugged off data that showed China's industrial profits in September dropped at its fastest pace since the pandemic.

The combined profit of major industrial enterprises in China stood at 5.23 trillion yuan in the January-September period, down 3.5 percent year on year, the National Bureau of Statistics said on Sunday.

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