Overseas Trading: Shanghai Stocks String Together Second Straight Weekly Win

Ahead of Monday's GDP reading, traders in China and Japan priced in expectations for fresh fourth-quarter stimulus

Oct 16, 2015 at 8:29 AM
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Stocks in Asia traded mostly higher today, following Wall Street's bullish lead. Ahead of Monday's third-quarter gross domestic product (GDP) release from Beijing, which is expected to show decelerating mainland growth, traders in both China and Japan priced in expectations for additional stimulus measures. As a result, the Shanghai Composite tacked on 1.6% by the close, and strung together two consecutive weekly gains for the first time since August. Meanwhile, Japan's Nikkei rose 1.1% and Hong Kong's Hang Seng advanced 0.8%. On the other hand, continued strength in the won pressured South Korean exporters, with the Kospi ending down 0.2%.

The gains are milder over in Europe, where traders are weighing heightened expectations for accommodation by global central banks against a mixed bag of equity news. Automakers are on the upswing after positive September sales data, and an uptick in oil prices is boosting energy names. However, the luxury goods sector continues to suffer after Hugo Boss cut its guidance in response to soft China sales, while food heavyweight Nestle has declined after trimming its own full-year outlook. At midday, London's FTSE 100 is up 0.5%, the French CAC 40 has edged 0.4% higher, and the German DAX has gained 0.2%.

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