While Asian stock market indices traded in a mixed pattern on 15 April, China's Shanghai Composite Index was up 0.03% at 3,083.40 at 6.02am GMT. This follows Beijing reporting a 6.7% increase in the country's 2016 first quarter GDP. The rise indicates that the Asian giant's economy grew as compared to the same period last year.
This GDP growth acted as evidence to prove that the slowdown in the world's second largest economy was nearing its end. Angus Nicholson, market analyst at IG in Melbourne said, "There are a lot who doubt the current market rally at the moment, particularly when the S&P 500 is so close to its all-time highs. And yet, in a world where one-third of government bonds have negative yields, there is a strong incentive to increase one's equity allocation in pursuit of positive returns."
Overall, investors in the region remained cautious ahead of the 17 April meeting between oil producing nations at the Qatari capital, Doha. Participating countries such as Saudi Arabia and Russia are expected to discuss a potential oil output freeze to boost prices of the commodity. Companies such as Goldman Sachs have opined that the meeting will not conclude on a positive note. The American bank even warned that this meeting would fail to deliver a "bullish surprise" for oil prices.
Indices in the rest of Asia traded as follows on 15 April at 6.15am GMT:
|Hong Kong||Hang Seng Index||21,321.26||Down||0.08%|
|India||CNX Nifty (Holiday – Ram Navami)|
Meanwhile, on 14 April, the Dow Jones Industrial Average closed at 17,926.43, up 0.10%, while the FTSE 100 closed marginally higher by 0.03% at 6,365.10.
Among commodities, oil prices witnessed an uptick. While WTI crude was up 0.14% at $41.56 (£29.33, €36.89) a barrel, Brent was trading higher by 0.11%, at $43.89 a barrel at 6.24am GMT.