Asia Stocks
Stocks in the Asian region kicked off the week trading higher with the regional benchmark gauge marking its first weekly gain in seven weeks.
The Japanese Nikkei 225 index gained 0.6% to 15,388.72 at the time of writing, while Tokyo’s Topix index rose 1% to 1,254.28. Last week, the Topix index declined 7.7% from its six-year high in September.
Tokyo Electric added 17% to 395 yen, after the Nikkei newspaper reported the company’s full-year profit could triple to 125 billion yen. Fujifilm Holdings rose 2.9% to 3,691 yen after an agreement to acquire US vaccine maker Kalon Biotherapeutics LLC, according to Fujifilm spokesman Takahiro Taguchi. On the downside, Fanuc lost 4.3% to 17,910 yen.
Hong Kong’s Hang Seng index fell 0.8%, while China’s mainland Shanghai Composite Index declined 0.5% to 2,290.44 at the time of writing.
WH Group fell 20% after subsidiary Henan Shuanghui Investment & Development reported a drop in its third-quarter earnings by 16%, while Henan Shuanghui declined 10%. Vanke lost 3.3%, while Galaxy Entertainment Group slumped 3.1%.
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China’s economic growth is expected to slow to 7.3% in 2015, according to an academic member of the monetary policy advisory committee for the People’s Bank of China. This comes in after chief economist Fan Jianping, forecasted the world’s second largest economy would expanded by 7% next year.
The South Korean Kospi index edged 0.5% higher, while Australia’s S&P/ASX 200 index added 0.5%.
European Stocks
Stocks in Europe opened in the green territory on Monday after the European Central Bank (ECB) along with the European Banking Authority (EBA) announced that 25 European banks failed the stress tests.
The European Euro Stoxx 50 gained 0.89% to open at 3,057.28, while the French CAC 40 rose 0.90% to 4,164.73. UK’s benchmark FTSE was up 0.76% to 6,437.82. Germany’s DAX 30 added 0.95% to 9,073.29 as the market focus on the release of the country’s Ifo index report, with forecast of a decline to 104.5 points in October.
Over the weekend ECB and EBA said 25 out of a total of 130 European banks failed the stress tests, with most of the banks coming from Italy. However, no major bank failed the test, which eased worries over the region’s economic recovery.
Fed Meeting
Members of the Federal Open Market Committee are expected to meet on Tuesday to begin its two-day policy meeting, with speculations that the central bank will end its bond-buying program as the world’s largest economy recovers.
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