Recently, stocks in Asia surged after record closed overnight on Wall Street. The shares across Japan led the region since they attained 2019 highs following a holiday. The Nikkei 225 index settled higher by 1.76% at 23,251.99 since shares of index heavyweight Softbank Group jumped by 2.43%. The Topix index climbed 1.66% to close at 1,694.16. Fujifilm’s stock sharply triggered 6.74% on the day. The company announced that it will take over Xerox’s stakes in the Fuji Xerox joint enterprise for $2.3 Billion. Chinese stocks were trading higher, with the Shanghai Composite index advancing by 0.54% to around 2,991.56 and Shenzhen Composite recovering by 0.541% to settle at 1,655.60. The Shenzhen Component increased by 0.71% to settle at 9,938.61.
The Hang Seng index in Hong Kong was higher by 0.18%, during its final hour of trading. A private poll of China’s services sector demonstrated activity declining to an 8 Month low during October. The Caixin/Markit services PMI (Purchasing Managers’ Index) was noted 51.1 for October—which is its lowest reading ever since February. The 50-point level divides expansion from a reduction in PMI readings. The Kospi index in South Korea was 0.58% higher and settled at 2,142.64. In the meantime, Australia’s S&P/ASX 200 index surged by 0.15% to close its trading at 6,697.10. The moves came following the RBA (Reserve Bank of Australia) kept interest rates unvarying.
Speaking of Japan’s economy, recently it was stated that the aging and labor-starved construction industry has provided the economy a Capex stimulus. As Japan’s construction companies are squeezed by the tightest labor market ever since the 1970s and a speedily aging population, the country is investing in technology and providing unanticipated support to the financial system reeling from the harsh U.S.-China trade spat.
From initially working as a freelance to test his writing skills to being a full-fledged Content Writer, Harry Cabana has earned a vital place in our team. He has become a pro in writing articles and blogs relating to the world of business. Harry holds the responsibility to write about all comprising, and not restricted to, mergers & acquisitions, recent trends, agreements & deals, events, and much more. In free time, Harry likes to spend some time with elderly people and learn new things from their life experiences.