ChiNext is up 11%
Beijing 50 i sup 14%
Shanghai Composite +4%
Hong Kong’s Hang Seng +1%
A blistering day of rallies in China. Stimulus efforts were rolled about last week, and continued over the weekend:
More stimulus from China over the weekend – banks instructed to cut mortgage rates
Earlier today we had disappointing PMIs from China, but no one cares – this is ancient news in the light of all the new stimmy. there were some bright spots in the sub indexes, yes, but that’s not what is driving Chinese equities.
China official PMI data: Manufacturing 49.8 (expected 49.5)China Caixin September Manufacturing PMI 49.3 (prior 50.4) Services 50.3 (prior 51.6)
This article was written by Eamonn Sheridan at www.forexlive.com.
