In 2010 China’s economy overtook Japan’s as the world’s second largest economy. This week the country’s stock market has finally caught up.
Thanks to a broad decline in the Japanese yen and a major rally in Chinese equities, the total value of China’s stock market has finally surpassed Japan’s to snatch the number two spot in the world, after the US.
The total value of China’s equity market in US dollars finished Wednesday at $4.448tn, just a sliver below the entire value of Japan’s market, at $4.507tn, according to data from Bloomberg.
The data is always delayed by a day, but it appears that China’s equity market overtook Japan’s on Thursday.
China’s Shanghai Composite, the most widely used index in China, rose 0.7 per cent in mid-afternoon trading. Japan’s Topix, the key index for Japan, finished lower by 1 per cent. Using these indices as broader proxies, and taking into account today’s currency moves, China’s total market cap has now grown to $4.480tn, while Japan’s has slipped to $4.478tn (see charts below).>> Read More
Brazilian markets rose on Friday on reports that Brazil’s President Dilma Rousseff has appointed a former treasury secretary, Joaquim Levy, as finance minister.
The benchmark iBovespa stock index rose 5 per cent to 56,084 points on the reports while the Brazilian real strengthened 2.3 per cent to R$2.52 against the dollar.
Mr Levy, who won a reputation as fiscally responsible when he served under Ms Rousseff’s predecessor Luiz Inácio Lula da Silva as treasury secretary in 2003, will replace Guido Mantega, the embattled finance minister of her first term, according to local media, including business newspaper Valor Econômico, without naming sources.
The reports could not be immediately confirmed with the presidential palace in Brasília. Mr Levy did not return a call for comment>> Read More
You know the market is a joke when Italian stocks rally almost 4% on hints of the European Central Bankbuying Italian bonds when they’re already at record low rates. Here are the changes for the main equity markets in Europe: