Overseas Trading: China Rallies Again; Europe Stays Cautious

The Shanghai Composite notched another big daily gain, but finished the week considerably lower

Aug 28, 2015 at 8:29 AM
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China's benchmark index extended its positive momentum into a second consecutive session, with the Shanghai Composite rallying 4.8%.  Traders cheered a reported round of equity purchases by the People's Bank of China (PBOC), and pension funds are also expected to start pouring cash into the stock market soon. Additionally, a rebound in oil prices helped energy names claw back some gains. Nevertheless, mainland stocks finished a volatile week down nearly 8%.

Meanwhile, in Tokyo, a few big M&A deals propelled the Nikkei to a daily win of over 3%, with an upbeat report on retail sales also boosting sentiment. South Korea's Kospi stretched its winning streak into a fourth day, adding 1.6%, while Hong Kong's Hang Seng sat out the regional advance with a 1% pullback.

Traders in Europe are taking a cautious approach, with equities modestly lower at midday. Luxury retailers, in particular, are taking it on the chin after a poorly received earnings report from Hermes. At last check, the German DAX and London's FTSE 100 are each down 0.6%, and the French CAC 40 has shed 0.4%.

Overseas markets 0828

 

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