China stocks surge backed up by Xi Jinping’s verbal support
On Tuesday, China’s stocks edged up as market participants gained confidence from Xi Jinping, the country’s president. He has recently drawn attention to the necessity of healthy development of Chinese stock markets.
As a result, the Shanghai Composite Index acquired 1.7%. Secondly, the Shenzhen Composite Index went up 2.2%. Elsewhere in Asia stock markets boasted mixed performance. The Hang Seng Index sank 1.1%, while Korean Kospi soared 0.3%.
Meanwhile, in Australia stocks were climbing up before the country’s major bank decreased its interest rate to 1.75% - a fresh record minimum. For the last month great pressure had been mounting for the major financial institution to cut its rates to boost economic growth.
On Tuesday, Japanese stock market was unavailable in observance of the country’s three-day holiday. On Friday, it will start working again. Furthermore, on Monday, the Nikkei Stock Average lost 3.1% following ongoing disappointment that the BOJ left its interest rate intact last week.
As for China, in this Asian country financial markets resumed trading after Monday’s pause.