After a brief gloom on Thursday, China’s equities market turned jovial again on Monday, with major indices staging major rebounds. Not to be outdone, Japan also posted a minimal gain to continue the Nikkei’s upward trend, now on its 12th straight day of gains. But the mood remains grim in Macau, where gambling revenue continued its downward spiral in May. Oh well, you certainly can’t have it all.
China shares soar after Thurday’s rout. Bargain hunting and a promising factory output data fueled a rally in China’s stock markets with the CSI300 index of the biggest firms listed in Shanghai and Shenzhen rising 4.9%, its biggest single-day gain in two and a half years. The Shanghai Composite Index also scored high, ending the day 4.7% up, its strongest performance in more than four months. Chinese shares were hammered last Thursday, losing more than 6%. Reuters
Japanese shares continue rising for a 12th straight day. Reversing losses recorded in the morning session, the Nikkei bounced back and closed up 0.03% at the end of the trading day. With a 12-day uninterrupted rise, the index is now about to match or even break the 13-day winning streak recorded in February 1998. Nikkei Asian Review
Macau gambling revenue continues to falter. Earnings from casinos tumbled 37% in May from a year ago, marking 12 straight months of decline. The Chinese government’s crackdown on corruption discouraged Chinese tourists from playing in the former Portuguese colony, which used to be haven for mainland players. The Wall Street Journal (paywall)
Chinese parents tour children to rich men’s homes for motivation. Luxury villas at a resort in southern China became part of a teaching tool kit for some parents who wanted their children to study hard and grow up wealthy. More than 300 families toured the villas in Qingyuan in Guangdong province last weekend, ahead of the International Children’s Day slated for Monday. South China Morning Post (paywall)
Yuan at near one-month high. The Chinese currency traded at 6.1978 to a dollar Monday, hovering at a one-month peak, as investors cheered last month’s manufacturing data released earlier in the day. Before the market opened, the PBOC set the midpoint rate at 6.1207 to a dollar, the weakest in more than a month. South China Morning Post (paywall)
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