Market Report – Shanghai Stocks Outperform

In today’s market report… Asian stocks were up, amid expectations funds would continue flowing into the region.

G7 and IMF meetings over the weekend produced no fixes for global economic imbalances.

Asian currencies surged led by the South Korean won and Taiwan dollar, raising the prospect of intervention by local authorities.

The yen hovered near 82 to the dollar.

Resource and banking stocks led rallies in China and Hong Kong, as weak U.S. jobs data hardened expectations of new stimulus from the Federal Reserve.

Shanghai stocks rose as much as 3%, and were up 2% in early afternoon trade.

Oil producer CNOOC hit a 3 year high in Hong Kong, lifted by higher crude oil prices, and after the firm agreed to a buy a third of an oil field in Texas.

The Hang Seng was over 1% up at midday, building on recent 11 month highs.

Sydney shares rose to a 5 month peak, but could not hold beyond the 4,700 level.

The All Ordinaries closed 0.3% higher, held back by a mixed banking sector.

Foto: NTDTV