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China Shares Close Higher – Australian Stocks Down

Started by PocketOption, Feb 07, 2022, 02:51 pm

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China Shares Close Higher - Australian Stocks Down

Stock's index displayed outside with city lights reflecting on the glass.

China Shares Close Higher – Australian Stocks Down

Chinese shares closed on Monday, Australian stocks were down. Markets in global stocks reached results last week and recovered from short sales, observed before the one-week Lunar New Year holiday. The CSI300 index rose to 4,634.09, for a total of 1.5%. The Shanghai Composite Index rose 2% to 3,429.58. China’s market liquidity will remain even when seasonal cash flows are reimbursed before the lunar New Year holidays. The National Development and Reform Commission said more efforts would expand domestic demand. Banks added 3.3%. Energy stocks rose 4.9%, while automobiles increased 2.8%.

Tourism promotions reversed earlier losses; Increased by 0.2% accordingly. Media shares lost 0.8%. Although compared to last year, the number of people returning to their hometowns for the lunar New Year holidays has increased by almost 48%; The decline in film sales and tourism revenues – possibly due to the deteriorating economy – indicates that this has not happened. This, in turn, will lead to materially higher demand for consumption.

Activity in China’s services sector expanded at its slowest pace in five months in January. The increase in local COVID-19 cases and containment measures have clashed with new business and consumer sentiment. They expect more realistic and supportive measures in early March, following the annual National People’s Congress conference.

Australian Stocks Down

Australian stocks fell on Monday. The losses reversed the gains made by energy and mining firms in the banking and healthcare sectors. And tourist stocks rose when the country was ready to open its borders to vaccinated tourists at the end of the month. The S&P/ASX 200 index closed 0.1% lower at 7.110.80. This, in turn, compensates for the loss after a reduction of almost 1% at the beginning of the day.

Banks decreased by 0.4%. The banking group of Australia and New Zealand lost about 5.4%. As a result, it reached its lowest point in almost a year. 4 Lenders put pressure on the margin and hit the market due to the “softer” work of the business. Analysts estimate that last week provided a solid start to February as we move into the reporting season. The financial sector will be focused this week, while the big banks will offer upgrades to their income.

Health stocks were also one of the most significant, losing 1.3%. CSL decreased by 1.6%. Meanwhile, data showed that Australian retail sales rose to a record high in the December quarter. Completing the coronavirus lockout unleashed a surge in spending costs, increasing the risk of rate hikes. So far this year, inflation has been strong. Markets are just getting used to raising interest rates and returning stimulus.


Energy stocks increased by 1.6% after concerns over supply delays led to a rise in the price of crude oil to a seven-year high--Woodside Petroleum and Santos, up 1.9% and 1.6%, respectively. Tourist stocks have risen since the Australian government announced it would fully open its borders to all vaccinated visa holders from 21 February; Almost two years after the borders were closed to non-citizens. Flight Center Travel Group gained 7.8%. Qantas Airways rose 4.6%. Miners increased by 0.8%. BHP Group and Fortescue by 1.2% and 0.9%, respectively. Markets in New Zealand closed due to the holidays.

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