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China's Stock-Market Resurgence Hits Roadblock on Lack of New Stimulus Measures

'The outcome represents a setback for those anticipating additional swift action from Beijing,' say UBS analysts. Chinese stocks rallied in the first day back from their long holiday, but disappointment that Beijing announced no further stimulus measures saw gains sharply pared and left Hong Kong with chunky losses.The CSI 300 XX:000300, an index of the biggest mainland A-shares traded in Shanghai and Shenzhen, jumped 11% at the open on Tuesday as investors resumed buying after China's mainland markets were closed for the Golden Week break.However, that left the Hang Seng especially vulnerable to any disappointment-led profit-taking, and it tumbled over 9% on Tuesday, led lower by property companies such as Longfor Group , which lost 23%.However, Zheng Shanjie, chair of the NDRC, left traders dissatisfied after revealing no fresh stimulus proposals and telling reporters at a press conference in Beijing that he had "full confidence" the economy would reach its official full-year growth

China's Stock-Market Resurgence Hits Roadblock on Lack of New Stimulus Measures

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Chinese stocks rallied in the first day back from their long holiday, but disappointment that Beijing announced no further stimulus measures saw gains sharply pared and left Hong Kong with chunky losses.The CSI 300 XX:000300, an index of the biggest mainland A-shares traded in Shanghai and Shenzhen, jumped 11% at the open on Tuesday as investors resumed buying after China's mainland markets were closed for the Golden Week break.However, that left the Hang Seng especially vulnerable to any disappointment-led profit-taking, and it tumbled over 9% on Tuesday, led lower by property companies such as Longfor Group , which lost 23%.However, Zheng Shanjie, chair of the NDRC, left traders dissatisfied after revealing no fresh stimulus proposals and telling reporters at a press conference in Beijing that he had \"full confidence\" the economy would reach its official full-year growth ","content":"<html><head></head><body><p>Chinese stocks rallied in the first day back from their long holiday, but disappointment that Beijing announced no further stimulus measures saw gains sharply pared and left Hong Kong with chunky losses.</p><p>The CSI 300 XX:000300, an index of the biggest mainland A-shares traded in Shanghai and Shenzhen, jumped 11% at the open on Tuesday as investors resumed buying after China&#39;s mainland markets were closed for the Golden Week break.</p><p>The CSI 300 subsequently lost much of its morning gains to finish the day up 5.9% - though that still left the mainland&#39;s stock barometer up 30% over the past month.</p><p>Hong Kong&#39;s Hang Seng index HK:HSI has been trading for much of the period when the mainland was closed, during which it continued to rally, hitting a 31-month high on Monday.</p><p>However, that left the Hang Seng especially vulnerable to any disappointment-led profit-taking, and it tumbled over 9% on Tuesday, led lower by property companies such as Longfor Group (HK:960), which lost 23%.</p><p>In premarket trade, casino stocks including Las Vegas Sands <a href=\"https://laohu8.com/S/LVS\">$(LVS)$</a> and Wynn Resorts <a href=\"https://laohu8.com/S/WYNN\">$(WYNN)$</a> tumbled. U.S.-listed shares of Alibaba <a href=\"https://laohu8.com/S/BABA\">$(BABA)$</a> tumbled 9% and JD.com stock <a href=\"https://laohu8.com/S/JD\">$(JD)$</a> dropped 12%.</p><p>Before the national holiday, the CSI 300 had risen nearly 27% over just 13 sessions as traders welcomed a multi-pronged batch of stimulus proposals from China&#39;s government that are designed to revive the world&#39;s second biggest economy and lift its stock market.</p><p>These measures include mortgage rate cuts to support the beleaguered housing sector, the reduction of bank&#39;s capital requirements to boost lending, and funds to allow companies to buy back their own shares.</p><p>Investors had been hoping that the National Development and Reform Commission, China&#39;s state economic planning body, would outline more stimulus measures at a briefing on Tuesday.</p><p>However, Zheng Shanjie, chair of the NDRC, left traders dissatisfied after revealing no fresh stimulus proposals and telling reporters at a press conference in Beijing that he had &#34;full confidence&#34; the economy would reach its official full-year growth target of about 5%.</p><p>&#34;The market reaction speaks for itself, with investors disappointed by a lack of clarity over more forceful action as the NDRC continued to voice confidence in the economy. With investor expectations running high into the NDRC press conference, the outcome represents a setback for those anticipating additional swift action from Beijing,&#34; said a team of analysts at UBS led by Mark Haefele, global wealth management chief investment officer.</p><p>UBS added that they expect more volatility in Chinese stocks in the near term until Beijing clarifies the level of fiscal support for the economy; and such febrile action could be seen in Hong Kong.</p><p>&#34;We see limited chance of meaningful demand stimulus near term, specifically one that is geared towards consumers. Foreign investors couldtake a &#39;not trust but verify&#39; approach, evaluating Beijing&#39;s commitment on reflation,&#34; said Morgan Stanley&#39;s China economics team led by Robin Xing.</p><p>Concerns that China&#39;s stimulus may not provide the boost to activity of the extent some had hoped caused a sell-off in industrial commodities, with copper (HG00) down nearly 3% and crude oil (BRN00) down 1.5%.</p><p>Iron ore futures were also lower, noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank, &#34;on the growing worry that the positive impact of the stimulus measures could remain short-lived, and that the measures would be insufficient to reverse the property meltdown, deflation and other structural problems - like the aging population and heavy local government debt burden.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Stock-Market Resurgence Hits Roadblock on Lack of New Stimulus Measures</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Stock-Market Resurgence Hits Roadblock on Lack of New Stimulus Measures\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-10-08 16:50</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Chinese stocks rallied in the first day back from their long holiday, but disappointment that Beijing announced no further stimulus measures saw gains sharply pared and left Hong Kong with chunky losses.</p><p>The CSI 300 XX:000300, an index of the biggest mainland A-shares traded in Shanghai and Shenzhen, jumped 11% at the open on Tuesday as investors resumed buying after China&#39;s mainland markets were closed for the Golden Week break.</p><p>The CSI 300 subsequently lost much of its morning gains to finish the day up 5.9% - though that still left the mainland&#39;s stock barometer up 30% over the past month.</p><p>Hong Kong&#39;s Hang Seng index HK:HSI has been trading for much of the period when the mainland was closed, during which it continued to rally, hitting a 31-month high on Monday.</p><p>However, that left the Hang Seng especially vulnerable to any disappointment-led profit-taking, and it tumbled over 9% on Tuesday, led lower by property companies such as Longfor Group (HK:960), which lost 23%.</p><p>In premarket trade, casino stocks including Las Vegas Sands <a href=\"https://laohu8.com/S/LVS\">$(LVS)$</a> and Wynn Resorts <a href=\"https://laohu8.com/S/WYNN\">$(WYNN)$</a> tumbled. U.S.-listed shares of Alibaba <a href=\"https://laohu8.com/S/BABA\">$(BABA)$</a> tumbled 9% and JD.com stock <a href=\"https://laohu8.com/S/JD\">$(JD)$</a> dropped 12%.</p><p>Before the national holiday, the CSI 300 had risen nearly 27% over just 13 sessions as traders welcomed a multi-pronged batch of stimulus proposals from China&#39;s government that are designed to revive the world&#39;s second biggest economy and lift its stock market.</p><p>These measures include mortgage rate cuts to support the beleaguered housing sector, the reduction of bank&#39;s capital requirements to boost lending, and funds to allow companies to buy back their own shares.</p><p>Investors had been hoping that the National Development and Reform Commission, China&#39;s state economic planning body, would outline more stimulus measures at a briefing on Tuesday.</p><p>However, Zheng Shanjie, chair of the NDRC, left traders dissatisfied after revealing no fresh stimulus proposals and telling reporters at a press conference in Beijing that he had &#34;full confidence&#34; the economy would reach its official full-year growth target of about 5%.</p><p>&#34;The market reaction speaks for itself, with investors disappointed by a lack of clarity over more forceful action as the NDRC continued to voice confidence in the economy. With investor expectations running high into the NDRC press conference, the outcome represents a setback for those anticipating additional swift action from Beijing,&#34; said a team of analysts at UBS led by Mark Haefele, global wealth management chief investment officer.</p><p>UBS added that they expect more volatility in Chinese stocks in the near term until Beijing clarifies the level of fiscal support for the economy; and such febrile action could be seen in Hong Kong.</p><p>&#34;We see limited chance of meaningful demand stimulus near term, specifically one that is geared towards consumers. Foreign investors couldtake a &#39;not trust but verify&#39; approach, evaluating Beijing&#39;s commitment on reflation,&#34; said Morgan Stanley&#39;s China economics team led by Robin Xing.</p><p>Concerns that China&#39;s stimulus may not provide the boost to activity of the extent some had hoped caused a sell-off in industrial commodities, with copper (HG00) down nearly 3% and crude oil (BRN00) down 1.5%.</p><p>Iron ore futures were also lower, noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank, &#34;on the growing worry that the positive impact of the stimulus measures could remain short-lived, and that the measures would be insufficient to reverse the property meltdown, deflation and other structural problems - like the aging population and heavy local government debt burden.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","KWEB":"中国海外互联网ETF-KraneShares","BK4504":"桥水持仓","YINN":"三倍做多富时中国ETF-Direxion","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","FXI":"中国大盘股ETF-iShares","JD":"京东","LU0106831901.USD":"贝莱德世界金融基金A2","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK4565":"NFT概念","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","BK4554":"元宇宙及AR概念","BK4551":"寇图资本持仓","BK4531":"中概回港概念","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4585":"ETF&股票定投概念","LU0918141887.USD":"安联亚洲实际收益股票基金","09618":"京东集团-SW","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","BABA":"阿里巴巴","BK4575":"芯片概念","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","BK4150":"赌场与赌博","BK4220":"综合零售","BK4535":"淡马锡持仓","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4579":"人工智能","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","BK4526":"热门中概股","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","09988":"阿里巴巴-W","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2473410890","content_text":"Chinese stocks rallied in the first day back from their long holiday, but disappointment that Beijing announced no further stimulus measures saw gains sharply pared and left Hong Kong with chunky losses.The CSI 300 XX:000300, an index of the biggest mainland A-shares traded in Shanghai and Shenzhen, jumped 11% at the open on Tuesday as investors resumed buying after China's mainland markets were closed for the Golden Week break.The CSI 300 subsequently lost much of its morning gains to finish the day up 5.9% - though that still left the mainland's stock barometer up 30% over the past month.Hong Kong's Hang Seng index HK:HSI has been trading for much of the period when the mainland was closed, during which it continued to rally, hitting a 31-month high on Monday.However, that left the Hang Seng especially vulnerable to any disappointment-led profit-taking, and it tumbled over 9% on Tuesday, led lower by property companies such as Longfor Group (HK:960), which lost 23%.In premarket trade, casino stocks including Las Vegas Sands $(LVS)$ and Wynn Resorts $(WYNN)$ tumbled. U.S.-listed shares of Alibaba $(BABA)$ tumbled 9% and JD.com stock $(JD)$ dropped 12%.Before the national holiday, the CSI 300 had risen nearly 27% over just 13 sessions as traders welcomed a multi-pronged batch of stimulus proposals from China's government that are designed to revive the world's second biggest economy and lift its stock market.These measures include mortgage rate cuts to support the beleaguered housing sector, the reduction of bank's capital requirements to boost lending, and funds to allow companies to buy back their own shares.Investors had been hoping that the National Development and Reform Commission, China's state economic planning body, would outline more stimulus measures at a briefing on Tuesday.However, Zheng Shanjie, chair of the NDRC, left traders dissatisfied after revealing no fresh stimulus proposals and telling reporters at a press conference in Beijing that he had \"full confidence\" the economy would reach its official full-year growth target of about 5%.\"The market reaction speaks for itself, with investors disappointed by a lack of clarity over more forceful action as the NDRC continued to voice confidence in the economy. With investor expectations running high into the NDRC press conference, the outcome represents a setback for those anticipating additional swift action from Beijing,\" said a team of analysts at UBS led by Mark Haefele, global wealth management chief investment officer.UBS added that they expect more volatility in Chinese stocks in the near term until Beijing clarifies the level of fiscal support for the economy; and such febrile action could be seen in Hong Kong.\"We see limited chance of meaningful demand stimulus near term, specifically one that is geared towards consumers. Foreign investors couldtake a 'not trust but verify' approach, evaluating Beijing's commitment on reflation,\" said Morgan Stanley's China economics team led by Robin Xing.Concerns that China's stimulus may not provide the boost to activity of the extent some had hoped caused a sell-off in industrial commodities, with copper (HG00) down nearly 3% and crude oil (BRN00) down 1.5%.Iron ore futures were also lower, noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank, \"on the growing worry that the positive impact of the stimulus measures could remain short-lived, and that the measures would be insufficient to reverse the property meltdown, deflation and other structural problems - like the aging population and heavy local government debt burden.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":22,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":30,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}