Asian Stock Market: Advances on Evergrande's optimism, higher Japan’s PMI
- Asian stocks set to close the week on a higher note amid improved risk appetite.
- China media reported China’s debt-ridden property giant Evergrande Group’s debt crisis is individual, risk is contained for now.
- The Reserve Bank of Australia (RBA) intervened in the bond market operation for the first time since end-February.
Asian stocks edge higher as risk appetite returns after China’s debt-ridden Evergrande makes a payment of $83.5 million bond interest payment.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.1% so far.
The Shanghai Composite Index is trading higher 0.05% after China pledges to keep property curbs and downplayed concerns over the unfolding crisis around Evergrande Group.
The Nikkei 225 index rose 0.5%, following the upbeat Japan’s Manufacturing PMI, which grew sharply in October due to a rise in export orders.
The ASX 200 traded marginally lower about 0.2% amid mixed global cues and domestic economic reopening efforts. The Reserve Bank of Australia (RBA) intervened in the Bond market operation to shield its yield target as it offered to buy $750 million of its targeted government bond maturity in April 2024.
Hang Seng Index rose 0.44%, South Korea’s advanced 0.35%, with shares of Samsung SDI soaring around 2% amid announcement of a joint venture with automaker Stellantis to produce battery cells and modules for North America.
Oil prices traded lower, with WTI slipping below $82.20 and 0.41% losses.
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
