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China shares rise while other Asian markets struggle | |
(about 5 hours later) | |
Shares on mainland China and in Hong Kong took the lead with gains in Asia on Monday, while other markets were lacklustre. | |
Hong Kong's Hang Seng index was up 0.96% at 22,668.52 points. | |
On the mainland, the Shanghai Composite was up 3.11% at 3,282.29 points in afternoon trade. | |
Other markets failed to take a positive lead from Wall Street and struggled despite hopes the US Federal Reserve may wait until 2016 to raise rates. | |
In Australia, the S&P/ASX 200 was closed down 0.89% at 5,232.90 after hitting a six-week peak on Friday. | |
South Korea's benchmark Kospi closed flat, up just 0.1% at 2,021.63. | |
Markets in Japan are closed for a public holiday. | Markets in Japan are closed for a public holiday. |
Analysts agreed the Fed was looking less likely to raise rates soon, which could mean more money would flow into markets. | Analysts agreed the Fed was looking less likely to raise rates soon, which could mean more money would flow into markets. |
"The only data supporting raising the Fed funds rate has been employment, which has begun to shrink in the last quarter, coupled with increased talks of the approaching debt ceiling negotiations - not to mention the 2016 [US] presidential elections," said Evan Lucas from IG Markets. | |
"All [this] means we are seeing signs of the lift-off being pushed back, as inflation remains nowhere to be seen," he said. | "All [this] means we are seeing signs of the lift-off being pushed back, as inflation remains nowhere to be seen," he said. |