Chinese shares climb to 21-month high despite disappointing services data
Sydney — Chinese shares climbed on Monday after a week-long break as a disappointing survey on the country’s service sector did little to dent optimism on global growth, while political uncertainty caused turbulence for the Turkish and British currencies. Liquidity was lacking with Japan and South Korea on holiday and a partial holiday in the US where stocks will be open but bonds will be closed. The Chinese blue-chip CSI300 index rose 1.9% to heights not seen since late 2015, partly in a delayed reaction to a targeted easing by the country’s central bank announced a week ago. Not so welcome was a fall in the Caixin index of service sector activity to a 21-month trough of 50.6 in September, a contrast to healthier numbers in manufacturing. Australian stocks still managed to put on 0.7%, while Nikkei futures added 0.1% even though the cash market was shut. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%, having rebounded by 1.7% last week. E-Mini futures for ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.