Market Buzz: Investors watching China
“Two factors that will be closely watched are the US and the Chinese macro. Naturally, with the US markets closed on Monday there is no data to come out from the United States. And that would be one of the factors that drive markets further on”, told Oleg Achkasov from VTB Capital.
On Monday, Russian markets closed in the black as traders tried to win back the drop in global markets after Standard & Poor’s cut the credit ratings of nine eurozone countries, including France and Austria, on Friday. MICEX added 0.07% and RTS gained 0.67%.
Asian markets gained on Tuesday after China issued data showing its economy grew faster than expected in the fourth quarter of 2011. Hong Kong’s Hang Seng added 1.7%, South Korea’s Kospi rose 1.5%. Japan’s Nikkei Stock traded up 0.6% and China’s Shanghai Composite added 0.5%.
European shares rose on Monday, as the French government successfully sold Treasury bills and market participants lifted their heads after eurozone members’ ratings were cut. The European Stoxx 600 rose 0.8%, up to 251.12. The euro rose 0.5% to $1.2728. The consumer price index of the eurozone is expected later on Tuesday.
US markets were closed on Monday due to Martin Luther King Jr. Day.