Most Asian markets started the month on a positive note today (June 1st), bouncing back from last week's losses. The Shanghai Composite index soared 4.7 per cent – its biggest daily gain since January 21st – on hopes that Beijing will bring on more stimulus after the release of weak data. The jump comes after it tumbled 6.5 per cent on Thursday (May 28th).
Two surveys released today showed China's manufacturing industry remained weak last month, adding to pressure on the Chinese government to unveil more measures to spur economic growth.
Greece will also be back at the top of global investors' radars this week. The country might miss a debt payment on June 5th if it fails to receive bailout funds from creditors, who are demanding that the country make reforms to its economy.
The Greek government said a rescue deal with its international bailout creditors would be reached this week.
The Shanghai Composite jumped 4.7 per cent to 4,828.74, while Hong Kong's Hang Seng gained 0.6 per cent to 27,597.16. Japan's Nikkei 225 remained flat at 20,569.87. South Korea's Kospi sank 0.6 per cent to 2,102.37 and Australia's S&P/ASX 200 lost 0.7 per cent to 5,735.40.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.