China’s economy continues to recover

China’s economy continues to recover

Shares in the Asia Pacific were mixed in Thursday morning trade. According to the latest data, China’s economy continued to recover. Investors will monitor oil costs after oil refineries and oil rigs were closed before a massive hurricane approaching Texas and Louisiana.

Hurricane Laura, a powerful category four storms packing 150 mph winds, is set to hit near the Texas-Louisiana border on Thursday morning. Local officials scramble to evacuate thousands of natives.

Stocks in mainlaind China boosted

Stocks in mainland China increased by late morning. The Shenzhen composite gained 0.83%, while the Shanghai Composite added 0.29%. The Shenzhen component boosted by 0.63%.

According to the Data on Thursday, profits in China’s industrial sector gained 19.6% from last year. It increased by 11.5% From June. The country’s recovery from the Coronavirus crisis continues.

The Hang Seng index decreased by 0.63% in Hong Kong. Xiaomi shares gained 12% by late morning. On Wednesday, one of the strongest mobile phone maker company reported annual report. According to it, Xiaomi’s profits sharply increased and doubled in the second quarter.

In Japan, the Nikkei 25 lost 0.39%, while the Topix index eased 0.57%.

South Korea’s Kospi declined by 0.65%. Stocks in Australia boosted, with the S&P/ ASX 200 up 0.59%. The MSCI Asia ex-Japan index gained 0.24%.

U.S crude futures gained 0.07% and reached $42,37 per barrel. International Benchmark Brent crude futures added 0.24% and traded to $45.75 per barrel.

The S&P 500 and Nasdaq composite reached record highs overnight. The broader market index advanced 1%, and to end its trading day hit 3,478.73. Nasdaq Composite surged 1.7% to close at 11,665.06. The Dow Jones Industrial Average bounced 0.3% (83.48 points) and reached 28,331.92.

The U.S dollar index was up 93,2 and reached 92,890.

The Japanese yen traded at 105,96 per dollar after strengthening yesterday (106.5). The Australian dollar increased by 0.33% and hit $0.72.

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