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Home World Stocks

Asian Shares Continue to Rise, Boosted by Wall Street and Yuan Strength

Business 360 by Business 360
July 3, 2023
in Stocks, World
0
U.S. Futures Slide on Amazon Outlook, Dollar Rises

Asian shares extended their gains on Monday, buoyed by positive momentum from Wall Street and a stronger-than-expected fix for the Chinese yuan by the country’s central bank. The rally in global stocks seen throughout this year remained intact, with several key indices reaching new highs.

In Shanghai, equities climbed more than 1%, while Hong Kong-listed technology companies surged over 3%. The positive sentiment also benefited Asian electric-vehicle makers and related suppliers, as Tesla Inc. and BYD Co. reported record sales in the second quarter. Japan’s Topix index was also poised for another gain, as confidence among major manufacturers continued to improve.

The rise in Chinese stocks on Monday marked a contrast to the 6% decline in MSCI Inc.’s China Index during the first half of the year. While concerns about policy risks and China’s modest economic recovery persist, some investors view the current valuations as attractive.

James Wang, head of China strategy at UBS Group AG’s investment research unit, expressed optimism about the market, citing the risk-reward perspective. In an interview on Bloomberg Television, he stated, “The market’s still trading one standard deviation cheap relative to history, two standard deviations cheap relative to the rest of the world.”

The positive performance of Asian shares can be attributed to several factors. The gains on Wall Street provided a boost, as did the stronger yuan following the central bank’s fix for the currency, which exceeded expectations. These developments have helped maintain the upward trajectory of global stocks, despite lingering concerns about inflation and policy uncertainties.

Investors will continue to monitor economic indicators and market developments to gauge the sustainability of the current rally. While risks persist, attractive valuations and improving sentiment among manufacturers are supporting the positive outlook for Asian shares.

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