Mainland China Stocks Surge Amid Hopes for Stimulus and U.S. Rate Cuts
Mainland China stocks surged on Thursday, boosted by expectations of more stimulus following disappointing economic data. Hong Kong shares also rose, influenced by U.S. inflation data that supports Federal Reserve rate cuts. Weak factory output in China has prompted calls for further easing measures from the People's Bank of China.
![Mainland China Stocks Surge Amid Hopes for Stimulus and U.S. Rate Cuts](https://devdiscourse.blob.core.windows.net/aiimagegallery/14_08_2024_16_26_33_5061848.png)
- Country:
- China
Mainland China stocks experienced an uptick on Thursday, driven by anticipations of increased stimulus after a series of disappointing economic metrics. Hong Kong markets mirrored regional gains bolstered by U.S. inflation data, suggesting potential Federal Reserve rate cuts in September.
China's factory output growth decelerated, missing July's forecasts. Chief economist for Greater China at ING, Lynn Song, highlighted the need for additional easing this year, citing weak credit and low inflation.
Midday trading saw the Shanghai Composite index rise by 1.04%, the CSI300 index up by 1.15%, and notable increases in financials, consumer staples, real estate, and healthcare sectors.
(With inputs from agencies.)
ALSO READ
Hong Kong Activist Ng Kin-wai Stands Firm in Landmark Trial
Hong Kong Activist Ng Kin-Wai Stands Firm in National Security Trial
Market Slump: Disappointing Interim Results Impact China and Hong Kong Stocks
Ashley Westwood Takes Charge as Hong Kong Football Coach
Hong Kong Court Convicts Former Stand News Editors in Landmark Sedition Case