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China Leads Rally in Asian Markets
Asian shares hit new highs across the board on Friday, highlighted and spearheaded by China markets’ ascension to their highest levels in almost eight months.
The Asian markets reacted sharply to a surge in U.S shares after Wells Fargo & Co. (WFC) said it expected to post a record quarterly profit of $3 billion, topping analysts’ expectations.
“The market was helped by Wells Fargo’s stronger than expected first quarter results estimate, fueling hopes of stabilization in U.S. financial markets,” Won Jong-hyuck, a market analyst at SK Securities in Seoul, told Reuters.
The U.S. financial sector was sharply higher, with the S&P financial index…
13Apr2009 | Money Morning | 0 comments | ContinuedChina Stocks Advancing as Beijing Boosts Investments
Seemingly under the radar, China’s Shanghai Composite Index has risen 17.7% since Nov. 1.
Specifically – and not coincidentally – the index began its rise Nov. 10, the day after Beijing announced an ambitious economic stimulus plan that will pour $585 billion into housing, water-and-energy projects, airports, disaster relief and railroad construction over the next two years.
It’s this focus on developing jobs and infrastructure, or "new material product" – absent in any similarly focused U.S. stimulus so far – that will keep China’s economy on the fast track economically, while also helping boost the Red Dragon’s ailing stock market.
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