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Market Update: China Equities Rises to a Near 3-Month High
The Shanghai Composite Index went up 15 points or 0.4% to a near three-month high of 3,608 in early deals on Thursday, as traders were upbeat about Beijings efforts to talk down commodity prices and impose more control over financial markets. The rise in the index followed US stocks that ended mainly in the green overnight ahead of Fridays April personal consumption expenditure data. On the data front, industrial profits in China rose by 106.1% yoy in January-April, after jumping 137% in the prior period. In business news, China’s banking regulator has asked lenders to stop selling investment products linked to commodities futures to retail buyers to curb investment losses. On the COVID-19 front, the mainland saw 19 new virus cases Wednesday, up from 13 a day earlier. Elsewhere, US President Joe Biden Wednesday ordered intelligence agencies to report to him in the next three months on whether the coronavirus first emerged in China from an animal source or from a laboratory accident. [/s2If]
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