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Market Update: China Shanghai Composite Trades at 2-1/2-Month High
The Shanghai Composite Index jumped 46 points or 1.4% to a 2-1/2-month high of 3,545 in early trade on Tuesday after a drop in US bond yields and hopes for a strong recovery this year sent US stocks rallied overnight. Traders also welcomed reports that FTSE Russell would add China’s Xiaomi Corp to its global indexes starting from June. On the pandemic front, Beijing Monday accused the US of hyping the theory that the COVID-19 escaped from a lab in Wuhan after a new report said three researchers from the facility sought hospital treatment for fever in November 2019. Turning to cryptocurrencies, the market stabilized after Tesla CEO Elon Musk said that he had a meeting with Bitcoin miners of North America, where they agreed to reveal current and planned usage of renewable energy. Investors now look toward the release of US consumer prices and the 2nd estimate Q1 GDP later in the week. Gainers were almost broad-based, led by consumer non-cyclicals, financials, and healthcare. [/s2If]
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