World markets were performed well on Monday as the Chinese exchanges resumed trading after taking the last three days off. Japan has approved a stimulus package.
Moody’s upgraded from ‘negative’ to ‘stable’ its fundamental credit outlook for the Chinese banking system due to improving economic conditions. China was one of 12 upgraded including Australia, Philippine, Hong Kong, Indonesia, India, Korea, Malaysia, New Zealand, Singapore, Taiwan, and Thailand.
In Japan, Tokyo’s Prime Minister, Naoto Kan, approved a stimulus package of $55 billion to counter struggling export markets as the export market has slowed for the sixth straight month due to strength of the yen and a slightly reduced overseas demand.
Japan's Nikkei closed up 131.47 points, or 1.39%, to 9,603.14.
Also in Japanese news, Japan’s third largest consumer lender, Takefuji , is preparing to file bankruptcy. Trading of shares of Takefuji was suspended on the Tokyo stock exchange.
China continues exploring its global prowess as the tensions with Japan continues and it announced on Sunday that it has initiated steep poultry import tariffs from the U.S.A. Tariffs could be as high as 105.4%.
The Shanghai Stock Exchange returned to trading with strength; closing up 36.42 points, or 1.41%, to 2,627.97.
The Hang Seng continues its strong upward movement; closing up 1.00% to 22,340.84
Elsewhere, the smaller markets did well:
South Korea's Kospi increased .77% to 1,860.83.
Australia's S&P/ASX 200 gained 1.597% to 4,675.400.
India's Sensex gained .36%.
Malaysia's Kuala Lumpur Composite Index gained 13.52 points to 1,464.71.
Indonesia's Jakarta Composite Index rose 2.07%.
Shenzhen Composite rose 2.274% to 1,225.364.
Taiwan's Taiex was up .31%.
Singapore's Straits Times Index was up .67%.
New Zealand's NZX-50 closed up .87%.
Philippine shares were up 1.078%.
Shares in Thailand gained 1.110%.
