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Sunny Monday As Markets On A Rebound
China’s currency strengthened to its strongest level this year as People’s Bank of China (PBOC) guided the Yuan almost 1% higher at 6.5118 compared to its 5th February close against US Dollar . Chinese central bank, PBOC fixes a daily reference rate with 2% tolerance. According to Governor of PBOC they are currently strengthening the daily reference against a basket of currencies it revealed at the end of 2015.
Global stock markets surged sharply on Monday as Yuan strengthened after PBOC fixed it higher. Also recent strong rally in Oil also boosted the stock market higher. Japanese stock posted their highest gain since last September as Japanese Nikkei soared 7.16 percent ended up at 16022.58 and TOPIX index gained 8.02 percent closed at 1292.3. Hong Kong’s Hang Seng gained 3.27 percent and ended up at 18198.14, Korean KOSPI climbed 1.47 percent and closed at 1862.20, Australian S&P/ASX200 gained 1.64 percent closed at 4843.46.
However, The Chinese CSI300 closed at 2946.71 with 0.58 percent loss trimming the 3 percent intraday drop . European Stocks have also surged higher today as Euro Stoxx 50 has climbed 3.33 percent , FTSE has soared 2.22 percent , DAX has gained 3.06 percent so far today.
The markets are expected to be relatively low on volume in the US, as the USA observes the President’s Day holiday.