This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35859734
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Australian stocks fall after Turnbull recalls parliament | Australian stocks fall after Turnbull recalls parliament |
| (about 2 hours later) | |
| Australian stocks have fallen after Prime Minister Malcolm Turnbull recalled parliament and brought the Budget forward, setting the scene for an early election. | Australian stocks have fallen after Prime Minister Malcolm Turnbull recalled parliament and brought the Budget forward, setting the scene for an early election. |
| The benchmark S&P/ASX 200 closed 0.3% lower at 5,166.57 points in Sydney. | The benchmark S&P/ASX 200 closed 0.3% lower at 5,166.57 points in Sydney. |
| Mr Turnbull has been trying to pass through labour reform bills but has faced hostility to it from the senate. | Mr Turnbull has been trying to pass through labour reform bills but has faced hostility to it from the senate. |
| As a result, he's threatened to dissolve both houses of parliament and call an early election on 2 July. | As a result, he's threatened to dissolve both houses of parliament and call an early election on 2 July. |
| Polls indicate his party are likely to win, even though Mr Turnbull's approval ratings have recently fallen. | Polls indicate his party are likely to win, even though Mr Turnbull's approval ratings have recently fallen. |
| Asian stocks overall are trading mixed following a decline in US oil prices and rebound in the dollar. | Asian stocks overall are trading mixed following a decline in US oil prices and rebound in the dollar. |
| New Zealand's S&P/NZX 50 ended 0.3% higher at 6,641.94 while South Korea's Kospi shed 0.12% to 1,989.76 points. | New Zealand's S&P/NZX 50 ended 0.3% higher at 6,641.94 while South Korea's Kospi shed 0.12% to 1,989.76 points. |
| Japan's financial markets are closed for a public holiday. | Japan's financial markets are closed for a public holiday. |
| Late surge | |
| Hong Kong's Hang Seng closed pretty much unchanged - just 0.06% higher at 20,684.15 while the Shanghai Composite rose 2.15% to 3018.80. | |
| It is the first time in more than two months that the index has climbed above 3,000. | |
| The late surge was fuelled by Chinese authorities relaxing investor borrowing rules. | |
| The rules for so-called margin trading, a type of high-risk trading in which investors borrow money to buy shares, were loosened. | |
| This type of trading was behind a boom in the Chinese stock market which ended last summer when the rules were tightened. | |
| "The loosening could reignite interest in the equity market, particularly as the regulators' actions last year - to rein back private-sector broker leverage - helped trigger the correction in equity prices," said Koon Chow, senior macro and currency strategist at Union Bancaire Privee told Reuters. | |
| What is margin trading? | |
| Over the weekend China's central bank governor warned over the weekend that the country's corporate debt levels were too high and that more reforms in its capital markets were needed. | |
| People's Bank of China (PBOC) governor Zhou Xiaochuan said in a speech at the China Development Forum conference that lending as a ratio to gross domestic product "is too high". | People's Bank of China (PBOC) governor Zhou Xiaochuan said in a speech at the China Development Forum conference that lending as a ratio to gross domestic product "is too high". |