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Market Update: China Shanghai Composite Trade at 2-1/2-Month High
The Shanghai Composite Index jumped 46 points or 1.4% to a 2-1/2-month high of 3,545 in early trade on Tuesday after a decline in US bond yields and hopes for a strong recovery this year sent US stocks rallied overnight. Traders also welcomed reports that FTSE Russell would add China’s Xiaomi Corp to its global indexes starting from June. On the pandemic front, Beijing on Monday accused the US of hyping the theory that the COVID-19 escaped from a lab in Wuhan after a new report said three researchers from the facility sought hospital treatment for fever in November 2019. Market participants now look toward the release of US consumer prices later in the week, along with the 2nd estimate Q1 US GDP and President Biden’s FY2022 budget. Gainers were almost broad-based, led by consumer non-cyclicals, financials, and healthcare. [/s2If]
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