Overseas Trading: China Bets on More Stimulus; Resource Stocks Stumble

China's Shanghai Composite ended comfortably higher, as traders anticipate further accommodation in response to slowing economic growth

Oct 20, 2015 at 8:27 AM
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Stocks in China ended firmly higher today, led by small-caps, as traders priced in expectations for additional stimulus on the heels of uninspiring economic data. Over in Tokyo, meanwhile, strong demand for two financial spin-offs of Japan Post spurred buying in banking names. In Hong Kong, however, continued weakness in energy stocks gave way to a negative finish. By the close, China's Shanghai Composite rose 1.1%, South Korea's Kospi added 0.5%, Japan's Nikkei advanced 0.4%, and Hong Kong's Hang Seng shed 0.4%.

Resource stocks are also weighing on European stocks at midday, with most major benchmarks south of breakeven. While oil names stumble amid China-related demand concerns, the steel sector is taking a hit on news that Tata Steel plans to lay off British workers in response to slipping prices. At last check, France's CAC 40 is down 0.8%, London's FTSE 100 is 0.3% lower, and the German DAX has dipped 0.08%.

Overseas markets 1020

 

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