January 10, 2020 / 7:42 AM / a month ago

China shares rise for 6th straight week as Mideast tensions ease, trade deal signing nears

* Shanghai Composite -0.08%, CSI300 -0.03%

* Both indexes record sixth straight weekly rise

* Easing Mieast tensions, forthcoming trade deal support risk appetite

SHANGHAI, Jan 10 (Reuters) - China’s benchmark equity indexes edged lower on Friday, but posted their sixth consecutive weekly gain against a backdrop of easing Mideast tensions and signs of economic recovery, and ahead of the signing of a Sino-U.S. trade deal next week. ** At the close, the Shanghai Composite index was down 0.08% at 3,092.29. It rose 0.28% for the week, its sixth straight weekly gain. ** The blue-chip CSI300 index was down 0.03%, but gained 0.44% for the week, also its sixth straight weekly rise. ** On Friday, the CSI300 financial sector sub-index fell 0.18%, the consumer staples sector added 0.41%, the real estate index dropped 1.47% and the healthcare sub-index rose 0.57%. ** The smaller Shenzhen index ended down 0.15% and the start-up board ChiNext Composite index was weaker by 0.468%. ** Stock indexes recouped losses earlier this week as tensions in the Middle East cooled. ** U.S. President Donald Trump said on Wednesday the United States did not have to respond militarily to Iran’s attack, while Iranian Foreign Minister Mohammad Javad Zarif said its strikes “concluded” Tehran’s retaliation. ** Investors were encouraged by signs of modest improvement in the world’s second largest economy, as Beijing rolled out more support measures. ** On Monday, state media reported China’s cabinet unveiled more measures to boost the manufacturing sector, while China on Tuesday said it will do more to help small and medium firms get funding. ** China’s consumer inflation steadied while factory-gate prices fell at a slower pace in December, giving Beijing room to stay the course on monetary easing as economic growth cools. ** Worries over trade tensions between the U.S. and China, which have been a drag on global equities, have eased as the two sides are set to sign a Phase 1 trade deal next week. China’s commerce ministry said the country’s vice premier would sign the deal in Washington next week. ** But President Trump, who had earlier said the deal would be signed on Jan. 15, said on Thursday that it could be signed “shortly thereafter”. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.5%, while Japan’s Nikkei index closed up 0.47%. ** At 07:00 GMT, the yuan was quoted at 6.931 per U.S. dollar, 0.02% firmer than the previous close of 6.9324. (Reporting by Andrew Galbraith; Editing by Shailesh Kuber)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below