China Shares Open Higher on Robust Private Sector Data, Fed Hopes

MT Newswires Live10:11

Chinese stocks opened higher on Friday, boosted by stronger-than-expected private sector data and growing expectations that the Federal Reserve will hold rates steady this month.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.3% to 3,955.55. The Shenzhen Component Index climbed 0.7% to 13,725.65.

S&P Global's RatingDog China Composite Output Index rose to 52.1 in August from 50.8 in July, while the private services PMI hit 51.4, beating the 50.6 forecast and up from 50.4 in July.

Investor sentiment received an additional boost after U.S. Fed Governor Christopher Waller said he would be "inclined to support" holding interest rates steady at the upcoming September meeting, barring any unexpected surprises in inflation data.

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