Asian shares head north amid post-Brexit relief
On Thursday, stocks across Asia went up, as concerns subsided regarding the fallout from Great Britain’s decision to break up with the European Union.
Japanese Nikkei Stock Average stood flat, Australian benchmark S&P/ASX 200 surged 1.8%, Kospi in South Korea went up 0.7%. Meanwhile, in Hong Kong the Hang Seng Index ascended 1.2%, while Chinese Shanghai Composite Index stood still.
The key reason behind the revenues is that the Asian market hasn’t fully digested Brexit’s outcome yet and a great deal of pessimism has already been priced in last Friday and also this Monday. Respectively, the financial world can see a technical or even a true rebound in the nearer future. This point of view is shared by many financial experts now.
In June, the Japanese yen managed to strengthen, thus prompting multiple warnings by Japanese statesmen that they could intervene in the FX market. Additionally, MSCI, global index provider stood away from adding mainland Chinese-listed shares to its Emerging Markets Index.