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Market Update: China Shanghai Composite Flat in Early Deals
The Shanghai Composite Index was almost flat in early trade on Friday, trading at a near three-month high, amid upbeat US data that helped bolster expectations in the economic recovery. The number of Americans filing new unemployment claims fell more than expected last week to a 14-month low of 406,000, while a separate report confirmed US economic growth accelerated at a 6.4% annualized rate last quarter on massive fiscal stimulus. Locally, the Peoples Bank of China said in a statement Thursday that the yuan rate cant be used as a tool to spur exports or to offset the impact of commodity price surges and that companies and financial institutions should manage proper expectations on it. In business news, electricity consumption from China’s data centers and 5G base stations could almost quadruple from 2020 to 2035, Reuters reported quoting Greenpeace. Gains were mainly seen in basic materials and energy, while shares in consumer non-cyclicals and real estate fell. [/s2If]
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