China market reopen, Samsung Electronics earnings
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SINGAPORE — Chinese stocks jumped on the first day of trade after a week-long holiday, tracking other stock markets across Asia-Pacific as markets on Wall Street rallied. On Friday, data showed that China’s service activity returned to positive levels.
The Shanghai CompositeThe CSI 300 was up by 0.75 percent in the early trades, and the Shenzhen Component rose by 1.16. The CSI 300 rose 1.22%.
Hong Kong Hang SengIndex rose by 0.3%
Japan Nikkei 225The Topix rose 1.89% and the stock market soared by more than 2% The S&P/ASX 200Australia’s growth was 0.76%
South Korea’s Kospi was flat. Its earnings estimates for Friday were flat. Samsung said its operating profit for the quarterThat ended September saw a 28% increase in the amount of Korean won (13.26 billion) compared to a year earlier.
That is set to be Samsung’s best quarterly profit in three years — since the third quarter of 2018 when Samsung posted a profit of more than 17.5 trillion won. After the release of earnings estimates, the stock rose 0.42%.
MSCI’s Asia-Pacific share index outside Japan was at 0.39%.
China’s Service Sector
According to data from a private survey, activity in China’s service sector increased in September according to Friday’s report.
According to Reuters the Caixin/Markit services Purchasing managers’ index (PMI) rose from 46.7 to 53.4 in Aug to recover from its lowest point since last year’s pandemic. Growth and contraction are separated by the 50-point mark.
However, Wall Street is still alive stocks ralliedAs lawmakers came to an agreement on the increase in the debt ceiling, The Dow Jones Industrial Average increased 337.95 point, or approximately 1%, to 34.754.94.
The S&P 500 rallied 0.8% to 4,399.76 and the technology-focused Nasdaq Composite jumped nearly 1.1% to 14,654.02. Major averages were in green this week thanks to the gains on Thursday.
As Senate Majority Leader Chuck, stocks reached their highest levels of the session, Schumer spoke on the Senate floor news of the debt ceiling compromiseThis will prevent an unprecedented default at the moment.
Markets will look ahead to Friday’s key September jobs reportAs the Federal Reserve plans to reduce its $120 billion per-month bond-buying programme,
Oil prices rise
In the early hours of Asia trading, oil prices rose. International benchmark Brent crude futures was up 0.72% to $82.54 per barrel. U.S. crude futures jumped nearly 1% to $79.02 per barrel.
The U.S. dollar indexThe, which measures the greenback’s performance against a basket its peers, stood at 94.217. This is a significant improvement from earlier levels of 94.1.
The Japanese yen traded at 111.83 per dollar, weakening from earlier levels around 111.4.
The Australian dollar changed hands at 0.7319, strengthening sharply following earlier levels of around 0.726.
— CNBC’s Maggie Fitzgerald (Saheli Roy Choudhury), and Pippa Stevens also contributed to this report.
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