Market - - Feb 21,2017
Markets in Asia finished higher on Monday, as investors are waiting for further information from President Trump regarding his economic and tax reform plans.
The Asian markets traded significantly higher which is seen as a positive sign.
In Japan, the Nikkei 225 rose 0.54 percent in early morning trade on Tuesday, whereas across the Korean Strait, the Kospi stood up by 0.84 percent.
Further advancements were evident in Hong Kong's Hang Seng index which spiked 0.21 percent in early trade. It was noted that Chinese mainland markets also surged higher, with the Shenzhen composite adding 0.15 percent and the Shanghai composite up 0.16 percent.
According to Mizuho Bank, since the U.S. markets closed for Presidents' Day, it was perhaps suitable that President Trump provided the markets some pardon from the collective effects of 'Donald Doubt’ and ‘'Trumpflation'.
Global co-head of foreign exchange strategy at National Australia Bank, Ray Attrill, stated, “President Trump promised a ‘phenomenal’ tax announcement in 2-3 weeks”, and until some form of announcement is made, the market inertia is set to rule.
Further, Samsung Electronics surprisingly experienced growth as shares advanced 1.60 percent. The figures were quite astonishing after the arrest of group chief Jay Y. Lee on Friday for his prominent role in a corruption scandal.
Japan-based Toshiba too had a positive business since the shares rose 1.61 percent. The troubled conglomerate previously reported a $6.3 billion writedown involving its U.S. nuclear unit.
Tuesday morning also proved excellent for the oil prices which showed decent advancement. The global benchmark Brent moved upwards by 0.05 percent to reach $56.21, whereas, the U.S. crude futures climbed 0.56 percent to $53.70.
Considering the currency market, the dollar index, which measures the dollar against a basket of currencies, rose to 101.14 at 9:40 a.m. HK/SIN, interestingly up from a previous low of 100.91.