Asian shares face another tough week as Beijing's regulatory crackdown fans fears about China's economy, though upbeat economic data in the United States and Europe and solid corporate earnings put a floor under their markets.
"Surging company profits in the U.S. and lower bond yields are providing support, and in any case the rising trend in shares is likely to remain in place into next year as rising vaccination rates allow economic recovery to continue," said Shane Oliver, chief investment strategist at AMP Capital. Asia has fared so well, with China's crackdown on the tech and education sectors hammering stocks, while the spread of the Delta variant of the coronavirus in the region hit growth.
That drop combined with surprisingly strong EU economic data out on Friday to lift the euro to US$1.1866, away from its July low of US$1.1750.
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