Morning Briefing: Shanghai up 4 per cent despite rating cut

Morning Briefing: Shanghai up 4 per cent despite rating cut

Morning Briefing: Shanghai up 4 per cent despite rating cut Shanghai up 4 per cent despite rating cut
Asian markets have led the gains in world stocks so far Wednesday, following the strong lead from Wall Street in the previous session. Even the news that ratings agency Moody’s has downgraded the Chinese economy from stable to negative. All major Asian indexes closed higher with Sydney rising 2 per cent, Hong Kong 3 per cent.

European markets are continuing the gains with all the major indexes up slightly despite the reversal in oil prices following Tuesday’s rally.

Wall Street and Toronto are expected to open higher.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 16,865.08 (+2.11 per cent) +2.53 per cent -6.99 per cent
TSX Composite 12,982.10 (+0.95 per cent) +4.34 per cent -14.95 per cent
 
Europe (at 5.30am ET)
UK FTSE 6,163.31 (+0.17 per cent) +4.07 per cent -11.20 per cent
German DAX 9,743.51 (+0.27 per cent) +1.70 per cent -14.61 per cent
 
Asia (at close)
China CSI 300 3,051.33 (+4.12 per cent) +3.04 per cent -15.27 per cent
Japan Nikkei 16,746.55 (+4.11 per cent) -5.66 per cent -11.05 per cent
 
Other Data (at 6.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
36.51
(-0.81 per cent)
33.71
(-2.01 per cent)
1230.50
(-0.02 per cent)
U$0.7426
 
Aus. Dollar
U$0.7207
 
China must reform, cut debt
The ratings agency Moody’s has cast doubt on China’s ability to cut government debt and reform the economy. It has cut the country’s outlook to negative from stable. China’s ruling party will be voting this week on a raft of reforms as part of five year plan but the agency is not convinced that the government will be able to follow through with its plans effectively.
 
Bill Gates regains ‘world’s richest’ title
Bill Gates is the world’s richest man again according to Forbes. His net worth of $75 billion surpasses that of retail magnate Amancio Ortega of Spain ($67 bn) and Warren Buffett ($60.8 bn). The richest woman is France’s Liliane Bettencourt of L’Oreal fame, who is 11th on the overall rich list with $36.1 billion. There are no Canadians on the list.