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Chinese shares hit seven-year high | Chinese shares hit seven-year high |
(about 1 month later) | |
After being closed for a long holiday weekend, mainland Chinese shares surged on Tuesday as investors bet on more monetary easing by the government. | After being closed for a long holiday weekend, mainland Chinese shares surged on Tuesday as investors bet on more monetary easing by the government. |
The Shanghai Composite closed up 2.5% at 3,961.38 - its highest finish since March 2008. | The Shanghai Composite closed up 2.5% at 3,961.38 - its highest finish since March 2008. |
Transportation, telecom and machinery stocks rose sharply, as investors hoped they would benefit from Beijing's push toward overseas expansion. | Transportation, telecom and machinery stocks rose sharply, as investors hoped they would benefit from Beijing's push toward overseas expansion. |
In Japan, the benchmark Nikkei 225 closed up 1.25% at 19,640.54. | In Japan, the benchmark Nikkei 225 closed up 1.25% at 19,640.54. |
Shares in Japan were boosted by expectations that the Federal Reserve may put off raising US interest rates. | Shares in Japan were boosted by expectations that the Federal Reserve may put off raising US interest rates. |
Weaker-than-expected US jobs figures released on Friday had boosted stocks on Wall Street on Monday. | Weaker-than-expected US jobs figures released on Friday had boosted stocks on Wall Street on Monday. |
The weak jobs data has raised hopes among investors that the US Federal Reserve will push back the timing of any interest rate rise. | The weak jobs data has raised hopes among investors that the US Federal Reserve will push back the timing of any interest rate rise. |
Rates unchanged | |
The Hong Kong stock market was closed on Tuesday. | The Hong Kong stock market was closed on Tuesday. |
Shares in Australia were higher for most of the trading session after a four-day break over the Easter weekend, but lost some of their gains after the country's central bank announced it would hold its interest rates steady at 2.25%. | Shares in Australia were higher for most of the trading session after a four-day break over the Easter weekend, but lost some of their gains after the country's central bank announced it would hold its interest rates steady at 2.25%. |
The benchmark S&P/ASX 200 closed up 0.5% at 5,925.97, however, after the Reserve Bank of Australia (RBA) said it remained opened to further easing. | The benchmark S&P/ASX 200 closed up 0.5% at 5,925.97, however, after the Reserve Bank of Australia (RBA) said it remained opened to further easing. |
Most analysts had predicted a cut of 25 basis points in rates to 2%, particularly as iron ore prices have fallen to their lowest in a decade. | Most analysts had predicted a cut of 25 basis points in rates to 2%, particularly as iron ore prices have fallen to their lowest in a decade. |
Iron ore, which is Australia's most valuable export, has lost 60% of its value in the past year. | Iron ore, which is Australia's most valuable export, has lost 60% of its value in the past year. |
Analysts have said a lower dollar is needed to help offset the falling prices, which are hurting miners' profits and government tax revenue. | Analysts have said a lower dollar is needed to help offset the falling prices, which are hurting miners' profits and government tax revenue. |
The decision to keep rates at their current level sent the Australia dollar up slightly to trade at US$0.79. | The decision to keep rates at their current level sent the Australia dollar up slightly to trade at US$0.79. |
In South Korea, the benchmark Kospi index closed flat, up just 0.03% at 2,047.03. | In South Korea, the benchmark Kospi index closed flat, up just 0.03% at 2,047.03. |
On Tuesday, the country's tech giant Samsung Electronics forecast a quarterly operating profit of about 5.9tn won ($5.44bn; £3.65bn) for the first three months of 2015. | On Tuesday, the country's tech giant Samsung Electronics forecast a quarterly operating profit of about 5.9tn won ($5.44bn; £3.65bn) for the first three months of 2015. |
The numbers beat market expectations, but would still mark a more than 30% fall in profit from a year earlier. | The numbers beat market expectations, but would still mark a more than 30% fall in profit from a year earlier. |
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