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Thursday, October 29, 2020

Global markets surge continues following U.S Jobs report

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According to reports Global stocks rose for a third day after a positive U.S. jobs report on Friday enhanced the outlook for world’s economic growth.

A measure of developing-nation equities rose to highest close in more than a year with Turkish and Czech shares gained more than any other country. Thailand’s stocks and currency surged after voters on the weekend accepted a military-backed constitution, a leap toward getting back to the democracy in the Southeast Asian nation. South Korean stocks also surged following S&P Global Ratings elevated the country’s credit ranking. Russia also showed growth for a fifth successive day.

The MSCI Emerging Markets Index of shares is set for its highest close since last 12 months. The gauge has surged 13% this year, in contrast with a surge of just 3.6% for the MSCI World Index of developed-market equities.

According to reports all 10 industry groups rose on Monday, ran by industrial companies and financials. China Communications Construction Co. surged 6.8% in Hong Kong, while Lenovo Group Ltd. jumped 5.6%.

Turkey and the Czech Republic Indexes surged 1.5%. Thailand’s benchmark Index go up 1.2%, the most in two weeks, following constitution approval. The passing of the charter means the junta, that has improved public spending in an effort to offshoot economic growth, is more likely to stay with its current timeline of holding elections by late 2017. The baht strengthened 0.4%.

Meanwhile Korean stocks jumped after S&P elevated the country’s credit rating by one level to AA, highlighting steady economic growth and adding it believes geopolitical risks to be contained. Korean Index gained 0.7%.

S&P also said in a statement that “Korea has exhibited stronger economic performance in recent years than most other high-income economies. The Korean economy remains well-diversified and is not dependent on a particular industry or export market.”

Chinese stock Index in Hong Kong also surged to a seven-month high, with the Hang Seng China Enterprises Index surged 1.1%, while the Shanghai Composite Index rose 0.7%. The Jakarta Composite Index rose 0.4 % after overseas investors increased their holdings of Indonesian stocks by $583 million last week.

 

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