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China shares rise while other Asian markets struggle China shares rise while other Asian markets struggle
(about 1 hour later)
Shares on mainland China and in Hong Kong took the lead with gains in Asia on Monday, while other markets were lacklustre. Chinese markets led the gains in Asia, with Shanghai shares rising to their highest level in seven weeks on a boost of liquidity from the central bank.
Hong Kong's Hang Seng index was up 0.96% at 22,668.52 points. China's central bank said over the weekend that it would expand a pilot scheme that allows banks to borrow money from the central bank using high-quality credit assets as collateral.
On the mainland, the Shanghai Composite was up 3.11% at 3,282.29 points in afternoon trade. The Shanghai Composite closed up 3.3% to 3,287.81 points.
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. Investors are awaiting more stimulus in the upcoming five-year economic plan.
In Australia, the S&P/ASX 200 was closed down 0.89% at 5,232.90 after hitting a six-week peak on Friday. The 13th plan will be announced later this month and more growth measures are expected to be announced to prop up the slowing economy.
Hong Kong's Hang Seng index ended up 1.2% to 22,730.93.
Rest of Asia
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 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.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."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.