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.)
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