Markets Boosted by Shanghai – Hong Kong Trading Link
November 11, 2014 11:46 amVideo
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November 11, 2014 – Indices News
U.S stocks finished higher, closing at record levels once again. The economic outlook remains positive and data has consistently improved. Friday’s labour data boosted optimism as it showed job creation remained above 200,000 for a 9th month in a row and the unemployment rate dropped to 5.8 %, its lowest level since 2008. Commodity prices continued to drop which had previously been taken as negative for the stock market as it lowered energy shares. However, falling prices will result in increased capital for consumer spending which can benefit companies and revenue. At session close the S&P 500 was 0.31% higher at 2,038.26 and the Dow Jones was 0.23% higher.
Asian markets were higher across the region. The Nikkei added 2.05% as the Dollar soared against the Yen once again. The Dollar climbed from ¥114.6 to a high of ¥116. Stocks benefited from data showing a better than expected jump in Japans Current Account which jumped to 0.963T. Shares of key exporters benefited from the release; Toyota added 1.5%, Sharp Corp added 2.08%, Nissan added 1.35% and Nintendo added 2.61%. The Hang Seng closed 0.27% higher as traders continued to welcome news that the trading link between Shanghai and Hong Kong will begin next week. This will add exposure to Chinas economy and foreign investors will gain access to over 180 companies in Shanghai.
European markets are higher today led by gains in Vodafone, currently up almost 6%. Earnings are driving the market due to a lack of economic events. Currently, the CAC 40 is up 0.36% while Germany’s DAX is up 0.22% and London’s FTSE 100 is up 0.12%.
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