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Global stocks were mostly higher after the State Investment Fund announced it would step up its stock purchases and reports that leader Xi Jinping plans to meet with officials to discuss the market.
BANGKOK — Global stocks were dominated by Chinese stocks on Tuesday after the State Investment Fund announced it would step up stock purchases and reports that leader Xi Jinping was scheduled to meet with officials to discuss the market. Led by the rising, it rose.
Germany’s DAX fell 0.1% to 16,880.36, while Paris’ CAC40 index rose 0.1% to 7,598.26. Britain’s FTSE 100 index rose 0.4% to 7,639.96.
The outlook for the S&P 500 was flat, but the outlook for the Dow Jones Industrial Average was down 0.2%.
Bloomberg reported that Xi will be briefed on the market by officials, highlighting the ruling Communist Party’s concerns about the recession that has wiped out trillions of dollars in market value over the past few years. The report cited unnamed officials as saying the timing of the meeting was unclear. Could not confirm.
However, after the article was published, Chinese markets soared, with Hong Kong’s Hang Seng index up 4% to $16,133.60, led by technology stocks such as e-commerce giants Alibaba (up 7.6%) and JD.com (JD.com). became. Online food delivery company Meituan soared 6.5%.
The Shanghai Composite Index rose 3.2% to 2,789.49. In China’s smaller major markets, the Shenzhen Component Index soared 6.2%, while the CSI 1000, an exchange-traded fund often used to track so-called “snowball derivatives” that can yield big gains, However, it is an investment product that may result in losses. Exaggerated losses, advanced by 7%.
The latest salvo in the government’s campaign to prop up struggling markets came with a promise by Central Huijin Investment, whose subsidiaries include many Chinese state-owned banks, to increase its purchases of stock index funds.
The fund has regularly stepped up its purchases of shares in major state-owned banks and other companies to counter intense selling pressure in the Chinese market. On Monday, benchmarks in smaller markets in Shanghai and Shenzhen oscillated between modest gains and deep declines, while stocks in state banks and other large companies rose.
Elsewhere in Asia, Tokyo’s Nikkei Stock Average fell 0.5% to 36,160.66 and South Korea’s Kospi fell 0.6% to 2,576.20.
Australia’s S&P/ASX 200 index fell 0.6% to 7,581.60.
In Bangkok, the SET rose 0.9%, while India’s Sensex rose 0.6%.
Stocks on Wall Street fell on Monday as data showed the economy remained strong, potentially delaying the interest rate cuts investors are hoping for.
The S&P 500 is down 0.3% from its record high set on Friday. The Dow Jones Industrial Average fell 0.7%, and the Nasdaq Composite Index fell 0.2%.
In other trading Tuesday, benchmark U.S. crude oil fell 1 cent to $72.77 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard crude, rose 5 cents to $78.04 per barrel.
The dollar rose to 148.71 yen from 148.68 yen. The euro fell to $1.0730 from $1.0743.
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