FTSE 100 LIVE: Asian shares defy Wall Street gains as China’s post-holiday rally cools
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Weakness emerged early in China as the Shanghai Composite .SSEC slipped 0.5 percent, trimming gains made in the trading days since a week-long public holiday last week. China’s blue chip index CSI300 .CSI300 shed 0.3 percent. However, despite shares slipping, a buoyant tech sector and fresh optimism about US stimulus are expected to continue to support sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS also dipped into negative territory in the Asian session, down 0.09 percent.
Despite the losses, Surich Asset Management founder Simon Yuen said he was confident Asian stock markets would retain positive fundamentals following the US election on November 3.
“On the other hand, if Trump is elected, China will promote demand in terms of consumer spending in order to increase their dominance over the world.”
On Wall Street, the Nasdaq Composite .IXIC on Monday staged its biggest one-day rally in a month, jumping 2.56 percent. The Dow Jones Industrial Average .DJI rose 0.88 percent and the S&P 500 .SPX gained 1.64 percent.
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