The Asian markets closed in green on Wednesday with Japan’s Nikkei 225 Stock Average rising to its highest level since October 2008 as the rally was triggered by a mix of investors betting that a recent sell-off in stocks was overdone, and the promise of further tax cuts. China’s imports tumbled in August, raising concerns about the health of the world’s second-largest economy and its contribution to global growth. The data will add to the pressure on Beijing policymakers trying to ensure China’s economy avoids a hard landing, though authorities will take some comfort that their efforts to steady the country’s stock markets. Imports dived 13.8 percent from a year earlier, and a tenth consecutive monthly drop, reflecting both lower global commodity prices and sluggish demand. Chinese Trade Balance rose to 60.24B, from 43.03B in the preceding month. China’s economy still faces relatively large downward pressure, the head of the country’s top economic planner stated adding that the largest problem facing the Chinese economy now is industrial overcapacity. Indonesia is set to announce what President Joko Widodo called a massive deregulation package, aimed at luring more investment and supporting a currency that has weakened to 17-year lows. In March, after the rupiah hit its lowest level since 1998, Widodo launched his first policy package which included a plan to impose temporary anti-dumping import duties and waive visa for dozens of countries. Indonesia’s economic growth in the second quarter dropped to 4.67 percent its slowest since 2009, with prices for commodity and energy exports remaining weak.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,243.09 | 72.64 | 2.29 |
Hang Seng | 22,131.31 | 872.27 | 4.10 |
Jakarta Composite | 4,347.28 | 28.69 | 0.66 |
KLSE Composite | 1,603.36 | 16.24 | 1.02 |
Nikkei 225 | 18,770.51 | 1,343.43 | 7.71 |
Straits Times | 2,928.18 | 42.86 | 1.49 |
KOSPI Composite | 1,934.20 | 55.52 | 2.96 |
Taiwan Weighted | 8,286.92 | 285.42 | 3.57 |
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