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Market Update: China Equities Trade Lower
The Shanghai Composite Index fell 4 points or 0.1% to 3,606 in early deals on Friday, retreating for the first time in three sessions, amid worries that rising inflation could force the Fed to do some tapering actions earlier than expected. Thursday’s data showed the US consumer price inflation rate jumped to 5% in May, the highest since August 2008 and above the Fed’s target of about 2%. Locally, the PBoC is trying to normalize policy by reducing stimulus and contain debt as the economy rebounds from the pandemic. In recent data, the value of new yuan loans in China went up to CNY 1,500 billion in May from CNY 1,470 billion in April, while M2 money supply grew 8.3% yoy, and outstanding yuan loans grew an annual 12.2%, below 12.3% in April. In business news, China’s ride-hailing Didi Thursday made public the filing for its long-anticipated US stock market listing but did not reveal the size of the offering. Losers were mainly seen for consumer non-cyclicals, healthcare, and financials. [/s2If]
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