Don’t look now, but Chinese shares just survived another volatile day at the market. After posting losses in earlier sessions, the key indices in Shanghai and Shenzhen both closed the day on a high note, scaling peaks not seen since 2008. Some analysts warned that the roller coaster ride may not be over yet, as some investors are reallocating their portfolios. Meanwhile, DBS Bank is counting on Singapore’s close ties with Australia to make it down under.
Later in the day, investors will be all eyes on the U.S. as the government is set to release its much-watched, much-speculated jobs data for May. We in Asia are keeping our seat belts on.
Chinese shares in another roller coaster session. The Shanghai Composite Index ended the day 1.5% higher, while the CSI300 index of the biggest firms listed in Shanghai and Shenzhen rose 1%, both closing the bumpy session at new seven-year highs. Some analysts believe that the volatility in Chinese equities, which began last Thursday when they fell as much as 6.5%, and recovered on Monday, may not be over yet. Reuters/MarketWatch
Japanese developer heads for London with $3.2 billion investment. Mitsui Fudosan is set to start a redevelopment project this year that will cost more than 400 billion yen ($3.2 billion). That will make it one of the biggest projects undertaken by a Japanese developer overseas. Nikkei Asian Review
DBS Bank to operate down under. The Singaporean lender has been given the go signal to operate in Australia, where it will focus on corporate clients that do business in its six key markets — China, Hong Kong, India, Indonesia, Singapore and Taiwan. Nikkei Asian Review
Tesco may sell Korean operations. The British retailer is planning to sell its Korean business that could fetch as much as $7 billion. The sale will help Tesco strengthen its financial position. HSBC has been hired to help manage the sale. The Wall Street Journal (paywall)
Photo credit: Aaron Goodman via Flickr