Dec 2, 2024 at 4:37 am GMT
By Jiaxing Li
HONG KONG (Reuters)-China and Hong Kong stocks gained on Monday, driven by encouraging manufacturing data and expectations of continued policy supportfrom Beijing.
** At the midday break, the Shanghai Composite index. SSEC jumped 1.02% at 3,360.38 points, adding toNovember's1.4% gain.
** China's blue-chip CSI300 index.CSI300was up 0.7%, with auto sector.CSI931008gaining 3.45%.Thereal estate index.CSI000952added 1.51%, while the healthcare sub-index.CSI300HCclimbed 0.75%.
** Hong Kong's benchmark Hang Seng Index.HSIrose 0.23% to 19,468.27.
** Sentiment was buoyed by data that showed China's factory activity expanded last month, with Beijing's stimulusblitz sinceSeptember starting to trickle through just as Donald Trump ramps up trade threats.
** The Caixin/S&P Global manufacturing PMI rosefrom October's 50.3 to 51.5 in November, thehighestsince June and beating analysts' forecasts of 50.5 in a Reuters poll.The print echoed anofficialsurvey, which put the figures at a seven-month high, on Saturday.
** "Economic momentum clearly improved on the policy support and front-loaded export," Citi analysts said.
** Domestic policy support would be essential once external headwinds start to phase in and monetary and fiscal policies would stay supportive with a focus on consumption, they added.
** Some long-only investors are now more short-term focused than usual, keeping an eye on policy direction from CEWC and hoping for more supportive measures to come, Bank of America strategists said.
** China's 10-year government bond yield slipped below the 2% floor to the lowest since April 2002 amid monetary policy easing bets.
** Meanwhile the yuan is also under pressure and weakened to a four-month low, after U.S. President-elect Donald Trumpdemandedthat BRICS countries commit to not supporting another currency to replace the U.S. dollar or face 100% tariffs.
Reporting by Hong Kong Newsroom; Editing by Sumana Nandy
Sumber : Reuters
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