Arab Today, arab today china markets rally after disappointing industrial data
Last Updated : GMT 09:32:32
Arab Today, arab today
Arab Today, arab today

China markets rally after disappointing industrial data

Arab Today, arab today

Arab Today, arab today China markets rally after disappointing industrial data

Chinese economy
Hong Kong - AFP

Shanghai stocks managed to lead a regional advance on Wednesday as more Chinese figures indicating weakness in the world's number two economy spurred hopes Beijing will unveil fresh measures to spur growth.

The broadly positive mood on trading floors also helped emerging currencies recover slightly against the dollar after rallying since Friday's US jobs data ramped up expectations the Federal Reserve will hike interest rates this year.

Beijing said Wednesday that growth in output from China's factories fell to a six-month low last month and came in below expectations -- the latest in a run of disappointing data this week, following downbeat trade and inflation figures.

But Zhang Gang, an analyst from Central China Securities, told AFP the news raised hopes for more economy-boosting moves by Beijing.

"Now (NYSE: DNOW - news) the market is expecting the government to accelerate reforms and further loosen its monetary and financial policy," Zhang said.

Months of weak readings have put pressure on Beijing to act as it struggles to transform the nation's growth model to a more stable one driven by domestic consumption and away from decades of export reliance and state investment.

Economic growth continues to slow -- at annual levels not seen in a quarter of a century -- despite moves to boost lending, including six interest rate cuts in 12 months and several reductions in the amount of cash banks must keep in reserve.

However, there was a silver lining in retail sales, which grew at their fastest rate since December.

Hopes for another strong reading next month will be high as China marks its annual "Singles Day" sale -- the world's biggest online shopping day -- with e-commerce giant Alibaba saying around $9 billion was spent in the first 12 hours.

Shanghai ended the day in positive territory, as did Tokyo and Sydney, although Hong Kong retreated.

- 'Stocks the wild card' -

Despite ongoing weaknesses in the global economy, the Fed has been widely tipped to increase borrowing costs as it looks to prevent bubbles appearing at home.

Friday's bumper US jobs figures fuelled bets that central bank policymakers will announce a lift-off at their next meeting in December, sending the greenback surging Friday and Monday.

However, Masato Yanagiya, head of foreign exchange and money trading at Sumitomo Mitsui Banking Corp. in New York, said the Fed would likely be studying world markets before making its decision.

"The wild card to the otherwise straight road to a rate hike is stock moves," Yanagiya told Bloomberg News.

"Tumbling stocks would overhaul the scenario of a Fed rate hike and dollar buying. The Fed may not like stock declines and in that sense, it now depends on markets not data."

On Wednesday the greenback dipped against the euro after hitting a six-month high in New York trade. Adding to selling pressure on the single currency are expectations the European Central Bank will further loosen its own monetary policy to try to kick-start the eurozone's torpid economy.

The euro was at $1.0746 Wednesday in Tokyo, from $1.0727 in New York, where it at one point touched $1.0675, its lowest level since late April (LSE: 0N69.L - news) .

The dollar also edged down to 123.05 yen from 123.19 yen.

Emerging market currencies also strengthened for a second day, having been hammered at the start of the week.

Malaysia's ringgit, the Indonesian rupiah and South Korean won were the main winners after being hurt the most on Monday. There were also gains for the Australian and Singapore dollars, as well as the Thai baht.

Europe's main stock markets climbed at the start of trading. London's benchmark FTSE 100 index gained 0.18 percent, Frankfurt's DAX 30 index won 0.10 percent and the Paris CAC 40 added 0.14 percent.

Key figures around 0850 GMT

Tokyo - Nikkei 225: UP 0.1 percent at 19,691.39 (close)

Hong Kong: DOWN 0.2 percent at 22,352.17 (close)

Shanghai - composite: UP 0.3 percent at 3,650.25 (close)

South Korean won/dollar: UP 0.2 percent at 1,154.85 won

Indonesian rupiah/dollar: UP 0.2 percent at 13,597 rupiah

Malaysian ringgit/dollar: UP 0.3 percent at 4.3695

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china markets rally after disappointing industrial data Arab Today, arab today china markets rally after disappointing industrial data

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china markets rally after disappointing industrial data Arab Today, arab today china markets rally after disappointing industrial data

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan: experts

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan: experts
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday