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Daily Scan: Asia caps the week on a high note; Europe continues gains

By NexChange
Capital Markets

Updated throughout the day

October 16

Good evening everyone. With stimulus hopes at full tilt both in China and in Japan, Asian shares posted one of its best days today with the Hang Seng Index up 0.88%, the Shanghai Composite up 1.60%, and the Nikkei Average up 1.08%. Here’s how the region’s largest bourses did this week:

Day
Week

Hang Seng Index
+0.88%
+0.69%

Hang Seng China Enterprises Index
+0.90%
+2.23%

Shanghai Composite
+1.60%
+6.13%

Shenzhen Composite
+1.28%
+7.66%

Nikkei 225
+1.08%
+3.14%

Straits Times Index
+0.42%
+1.56%

European indices meanwhile are looking to close on a high note too, though the U.K.’s FTSE 100 still seems to be on track for its first weekly loss in a month. Its currently up 0.76%, Germany’s DAX is up 0.75%, and France’s CAC is up 0.73%. As for Wall Street, S&P minis are signaling a 0.12% pop at the open.

Here’s what else you need to know:

EU backs Turkey migrant action plan. EU states have backed an action plan with Turkey, which it is hoped will ease the flow of migrants to Europe. Nearly 600,000 migrants have reached the EU by sea so far this year, many of them travelling from Turkey. BBC

Fears grow over increased antibiotic resistance.  More than 6,000 deaths a year could be caused by a 30% fall in the effectiveness of antibiotics in the US, a report in The Lancet suggests. It said most of the extra deaths would happen in patients having colorectal surgery, blood cancer chemotherapy and hip replacements. BBC

Yuan heads to weekly low. With the PBOC fixing the yuan’s midpoint down 0.05% to 6.3436, both onshore (CNY) and offshore (CNH) yuan are heading to their weekly lows. CNY touched 6.3555 against the greenback today, just as the CNH dipped to 6.3583. SCMP (paywall)

China Defence wants good ties with SE Asia, apparently. China's defence minister struck a conciliatory tone with Southeast Asia defence chiefs on Friday, saying that all needed to work hard to maintain peace and stability against threats. China is still pushing its claims in the disputed South China Sea. Channel News Asia

Malaysia arrests Islamic State hacker. Authorities have arrested a Malaysia-based hacker who they accuse of stealing personal information of U.S. military members and giving it to ISIS. CNN

China warns U.S. against South China Sea challenge. China’s military establishment has reacted angrily to a planned US naval mission to skirt artificial islands Beijing has constructed in the South China Sea, as the US gears up to challenge Chinese claims in the area.

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