· Japan and China’s Shenzhen stocks jump more than 2% as Asia-Pacific markets rise
Stocks in Asia-Pacific rose in Monday trade, with shares in Japan and China leading gains regionally.
Mainland Chinese stocks rose, with the Shanghai composite up 0.93% and the Shenzhen component climbing 2.386%. Hong Kong’s Hang Seng index gained 0.68%.
The S&P/ASX 200 in Australia edged 0.67% higher.
South Korea’s Kospi also advanced 0.98%.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.72%.
In economic news, China’s central bank announced Friday a 50 basis points cut in its reserve requirement ratio for all banks, effective from July.
The RRR represents the amount of money that banks must hold in their coffers as a proportion of their total deposits. A lowering of that required amount will increase the supply of money that banks can lend to businesses and individuals.
· Japanese shares rebound on growth confidence, Yaskawa's outlook
Japanese shares rebounded on Monday, led by cyclical stocks on renewed hopes of a swift global economic recovery, while industry bellwether Yaskawa Electric jumped after raising its annual profit forecast.
The Nikkei share average climbed 2.25% to close at 28,569.02, while the broader Topix advanced 2.14% 1,953.33.
Both the indexes gained the most in three weeks, bouncing back after three straight sessions of falls to a near eight-week low on Friday.
· European markets open slightly higher as global markets seek fresh cues
European stocks opened slightly higher Monday before hovering around the flatline.
The pan-European Stoxx 600 index opened 0.2% higher before hovering around the flatline with basic resources, banks and autos among the sectors in negative territory. Utilities, telecoms, media and insurance were among the sectors in positive territory.
The mixed open expected in Europe doesn’t reflect more positive trade in Asia-Pacific markets overnight; there, stocks rose in Monday trade, with shares in Japan and China leading gains regionally.
Reference: Reuters, CNBC
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