Market Jitters: Key Week for China and U.S. Economy
China and Hong Kong stocks showed stability ahead of a crucial week for global financial markets. Key events include the U.S. elections, a possible rate cut by the Federal Reserve, and a policy meeting in China. Various sectors showed mixed performance, with sensitive reactions anticipated from Hong Kong shares.
- Country:
- Singapore
China and Hong Kong stocks demonstrated resilience on Monday, setting a steady pace ahead of a significant week for financial markets. Key events include an upcoming U.S. election and an anticipated interest rate cut by the Federal Reserve, alongside a major policy meeting in China.
By midday, the Shanghai Composite index showed modest gains of 0.53% at 3,289.51, while China's blue-chip CSI300 index increased by 0.72%. Hong Kong's Hang Seng Index edged higher by 0.11% to 20,528.12. Notably, strong sales at automaker BYD boosted its shares by 4.4%, benefiting the sector, while travel firm Trip.Com surged as the top gainer with a 5.9% rise. In contrast, profit-taking caused a 1.5% dip in property shares.
Regional markets reflected this optimistic trend, as MSCI's Asia ex-Japan stock index rose by 0.71%, with Japanese markets closed for a holiday. Anticipation surrounds the Standing Committee of China's National People's Congress meeting focused on spending and debt refinancing plans. Meanwhile, Federal Reserve policymakers are expected to announce a short-term rate cut on Nov. 7.
(With inputs from agencies.)
ALSO READ
Trump Appoints Musk and Ramaswamy to Overhaul Government Efficiency
Trump Appoints Elon Musk and Vivek Ramaswamy to Lead Government Efficiency
Balancing Allies: Australia Navigates U.S. and China Ties
Dylan Pietsch's Injury Sidelines Australia Winger
Trump Taps Musk and Ramaswamy for Government Efficiency Overhaul