China’s stock-index
futures rose on prospects for mergers in the shipping industry and as
weak economic data bolstered speculation the government will add to
stimulus.
Futures on the CSI 300
Index expiring in August gained 1.3 percent to 3,903 as of 9:17 a.m.
local time. China is considering a merger of China Shipping Group and
COSCO Group, its two major shipping companies, according to people
familiar with the matter. Producer prices fell in July to the lowest
level since 2009 and exports dropped more than expected, according to
economic data released over the weekend.
The Shanghai Composite
Index climbed 2.3 percent to 3,744.21 on Friday. The CSI 300 Index rose
2 percent. Hong Kong’s Hang Seng China Enterprises Index advanced 1.2
percent. The Hang Seng Index gained 0.7 percent. The Bloomberg China-US
Equity Index, the measure of the most-traded U.S.-listed Chinese
companies, retreated 0.6 percent in New York.
The Shanghai gauge has
rebounded 6.8 percent since the July low as authorities took
unprecedented measures to shore up markets including banning stake
disposals by major shareholders, suspending initial public offerings and
compelling state-run institutions to support the market with equity
purchases.
The producer-price
index fell 5.4 percent year on year last month, according to the
National Bureau of Statistics. The drop, which exceeded the median
estimate for a 5 percent decrease, extends declines to 41 straight
months. The consumer-price index increased 1.6 percent, as a surge in
pork prices offset sluggish growth in the cost of non-food items.
Source: Bloomberg
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