# Global Stock Market Hours: When the Big Exchanges Overlap

Stock markets follow the sun. The trading day starts in Sydney and Tokyo, moves to Hong Kong, Shanghai and Mumbai, then to Europe and finally to New York. Knowing when markets overlap helps you understand why prices jump at the open, when news is priced in and when you can trade a company in two places at once.

## Trading hours in UTC

Exchanges keep their local hours all year, but their hours in Coordinated Universal Time (UTC) move when clocks change. The table shows the regular sessions in UTC in the two main periods of the year.

| Exchange | Local hours | UTC, November to March | UTC, April to October |
|---|---|---|---|
| ASX (Sydney) | 10:00–16:00 | 23:00–05:00 | 00:00–06:00 |
| TSE (Tokyo) | 09:00–11:30, 12:30–15:30 | 00:00–02:30, 03:30–06:30 | same |
| KRX (Seoul) | 09:00–15:30 | 00:00–06:30 | same |
| HKEX (Hong Kong) | 09:30–12:00, 13:00–16:00 | 01:30–04:00, 05:00–08:00 | same |
| SSE (Shanghai) | 09:30–11:30, 13:00–15:00 | 01:30–03:30, 05:00–07:00 | same |
| NSE (Mumbai) | 09:15–15:30 | 03:45–10:00 | same |
| LSE (London) | 08:00–16:30 | 08:00–16:30 | 07:00–15:30 |
| Euronext and Xetra | 09:00–17:30 | 08:00–16:30 | 07:00–15:30 |
| NYSE and Nasdaq | 09:30–16:00 | 14:30–21:00 | 13:30–20:00 |

Japan, South Korea, China, Hong Kong and India do not use daylight-saving time, so their UTC hours never change. Sydney's clocks move in the opposite direction to Europe's, because its summer falls in the northern winter.

For your own time zone, the [live market clock](/market-hours/) converts every session automatically.

## The Europe–US overlap

The most important overlap for many investors is between Europe and New York. For most of the year it lasts two hours: New York opens at 09:30 local time, while London closes at 16:30 and Frankfurt and Paris at 17:30.

During these two hours both regions trade at full liquidity. US economic data released at 08:30 New York time reaches European markets while they are open, and European company news can be traded in New York, where many European companies also have a listing.

## Why the overlap changes twice a year

The US and Europe change their clocks on different dates. The US moves to summer time on the second Sunday of March and back on the first Sunday of November. Europe moves on the last Sunday of March and the last Sunday of October.

In the weeks between those dates, New York is only four hours behind London instead of five. The Europe–US overlap then grows to three hours. In autumn this happens for about one week, at the end of October; in spring for two or three weeks in March. Our [market updates](/updates/) post a reminder before each change.

## Asia and Europe barely meet

Tokyo closes at 06:30 UTC, before any major European market opens, so Japanese and European shares never trade at the same time. Hong Kong overlaps with Europe for about an hour in the European summer, and Mumbai for two to three hours, because Indian trading continues into the European morning.

## Between New York and Asia

After New York closes at 20:00 or 21:00 UTC, no major stock exchange trades its regular session for two to four hours, until Sydney and Tokyo open. News that breaks in the US evening is priced in Asia the next morning. That is why Asian markets often open with a gap after a large move on Wall Street.

The same effect works in reverse for shares that trade in several places. A Taiwanese or Japanese company with a listing in New York trades there while its home market is closed, so the New York price can move ahead of the home market.

## Lunch breaks

Four of the exchanges in the table pause in the middle of the day: Tokyo (11:30–12:30), Hong Kong (12:00–13:00), Shanghai and Shenzhen (11:30–13:00). Orders placed during the break wait for the afternoon session. Singapore stopped its lunch break in 2011 and trades from 09:00 to 17:00 without a pause.

## Practical tips

- The first and last minutes of a session often have the most trading, but also the biggest price jumps at the open.
- If you trade a company that is listed in two markets, check which market is open and where most of the volume is.
- Holidays rarely line up across countries; check the [holiday calendar](/calendar/) before planning a trade around a date.

## Sources

- [NYSE trading hours](https://www.nyse.com/markets/hours-calendars)
- [Japan Exchange Group](https://www.jpx.co.jp/english/)
- [HKEX](https://www.hkex.com.hk/)
- [London Stock Exchange](https://www.londonstockexchange.com/)