November 15, 2019 / 7:30 AM / a month ago

China's blue-chips suffer worst week in three months

SHANGHAI, Nov 15 (Reuters) - China stocks fell on Friday to end the week lower, with the country’s blue-chip index posting its biggest weekly decline in more than three months, amid uncertainty around the Sino-U.S. trade deal while investors sought more clues on Beijing’s policy support in the midst of a slowing economy.

** The blue-chip CSI300 index fell 0.7%, to 3,877.09, while the Shanghai Composite Index ended down 0.6% at 2,891.34 points.

** For the week, CSI300 was down 2.4%, its biggest weekly loss since the week of Aug. 9, while SSEC shed 2.5%, worst since the week of Sept 27.

** Latest data showed China’s factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out trade war weighed on broad segments of the world’s second-largest economy.

** The disappointing numbers show China off to a rough start in the final three months of 2019 and will bolster calls for Beijing to roll out fresh support after third quarter growth slowed to its weakest in almost three decades, with factory production bruised by the trade war.

** China’s strongest consumer inflation in nearly eight years won’t deter the central bank from cutting a key interest rate next week, as slowing economic growth is a bigger concern for policymakers, traders and fund managers said.

** There have also been worries about the Sino-U.S. trade relations in absence of concrete details of a proposed deal.

** China and the United States are holding “in-depth” discussions on a first phase trade agreement, and cancelling tariffs is an important condition to reaching a deal, the Chinese commerce ministry said on Thursday.

** White House economic adviser Larry Kudlow said both countries are getting close to a deal, citing what he called very constructive talks with Beijing.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.59%, while Japan’s Nikkei index closed up 0.7%.

** At 07:09 GMT, the yuan was quoted at 7.0102 per U.S. dollar, 0.14% firmer than the previous close of 7.02.

** So far this year, the Shanghai stock index is up 15.9% and the CSI300 has risen 28.8%, while China’s H-share index listed in Hong Kong is up 3.1%. Shanghai stocks have declined 1.29% this month.

** As of 07:10 GMT, China’s A-shares were trading at a premium of 29.07% over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Shailesh Kuber)

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