Asian Markets Close With Gains Despite Lower China Growth Forecast
Major stock markets in Asia closed with gains on Monday despite some major US investment banks lowered China’s growth forecast, while European indices retreated from records.
Asia Dow, which includes blue-chip companies in the region, added just 11 points, or 0.3%, to close at 3,879.
Tokyo’s Nikkei 225 stock exchange gained 91 points, or 0.33%, to 27,820 points.
Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, increased 104 points, or 0.4%, to 26,283. China’s Shanghai stock exchange was up 36, or 0.15%, to 3,494 points.
The higher closing came despite US banking majors lowered China’s economic growth forecast for 2021. JPMorgan Chase cut its forecast to 8.9%, from 9.1%, while Goldman Sachs lowered it to 8.3%, from 8.6%.
In Europe, major indices were mixed on Monday after three of them hit new all-time highs on Friday.
STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was flat at 470 points at 1100 GMT after it hit a record of 471.03 on Friday.
The French CAC 40 was at 6,812 with a 0.06% loss after reaching an all-time high of 6,832.94 points on Friday, while Borsa Italiana FTSE MIB 30 was at 26,085 at the time after breaking a record of 26,145.27 earlier in the session.
London’s FTSE 100 was down 29, or 0.42%, to 7,093 and Spain’s IBEX 35 fell 16, or 0.19%, to 8,862. Germany’s DAX 30 was down 26, or 0.17%, to 15,734.
