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Asian markets end higher on Wednesday

29 Jun 2016 Evaluate

Asian stocks ended higher on Wednesday as oil extended overnight gains and solid US economic data as well as hopes of stimulus offset worries about the economic effects of Brexit on the global economy. Reports showed that a gauge of US consumer confidence hit its highest level since October in June, while the US economy expanded more than previously thought in the first quarter of 2016. Investors pushed back bets on US rate increases after US Federal Reserve Governor Jerome Powell said the Brexit result has introduced new uncertainties into the global outlook. Japanese shares climbed as the safe-haven yen steadied and the global markets returned to a semblance of normality. Meanwhile, Japanese Prime Minister Shinzo Abe pledged broad policy support to achieve market stability. Chinese shares ended higher as authorities sought to calm anxiety over potential shifts in Beijing's currency policy following last week's Brexit vote. The yuan held steady, hovering near its 5-1/2-year low against the dollar, after China's two main official securities newspapers said market expectations for the currency remained basically stable with no signs of panic selling.

Asian Indices

Last Trade            

Change in Points

Change in %  

Shanghai Composite

2,931.59 19.030.65

Hang Seng

20,436.12 263.661.31

Jakarta Composite

4,980.10 97.932.01

KLSE Composite

1,642.21 8.170.50

Nikkei 225

15,566.83 243.691.59

Straits Times

2,792.73 36.201.31

KOSPI Composite

1,956.36 20.141.04

Taiwan Weighted

8,586.56 81.050.95

 

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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