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Market Update: China Stocks Trade at 3-Month High
The Shanghai Composite Index rose 18 points or 0.5% to a three-month high of 3,600 in early deals on Wednesday, amid reports that yields on US Treasuries fell for a fourth straight day on Tuesday, with the benchmark 10-year yield hitting a near three-week low. Meantime, Federal Reserve Vice Chair Richard Clarida said the central bank can take steps to cool a jump in inflation, if it occurs, without derailing the economic rebound. Traders cheered news that a US court has removed Chinas Xiaomis designation as a Communist Chinese Military Company while lifting all restrictions on Americans buying its stock. Meantime, China’s Commercial Bank of China said its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs. Investors now anticipate a slew of US economic data later this week, including PCE inflation, personal consumption, GDP, and jobless claims. Gainers were broad-based, led by real estate, healthcare, and financials. [/s2If]
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