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Market Update: Shanghai Composite Rises
The Shanghai Composite Index was up 12 points or 0.34% to 3,534 in early deals on Monday after closing 2.8% higher last week, amid optimism that policymakers will continue to support China’s economic recovery. The PBoC has injected a net CNY 120 billion into the banking system at the end of August, the largest weekly injection since the start of February. Earlier this month, the central bank left its key interest rates steady for a 16th straight month, as widely expected. In the US, Fed Chair Powell during the speech at the Jackson Hole symposium indicated that a reduction in asset purchases will not carry a direct increase in interest rates. In recent data, US personal income and spending continued to rise in July and core PCE inflation eased for a 2nd straight month. On the pandemic side, China saw 23 new infections on Sunday, down from 33 a day earlier. In Hong Kong, stocks were also higher, rising for the 2nd straight session, mainly lifted by shares of energy and healthcare. [/s2If]
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