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Chinese Stocks Rally After Trump-Xi Agreement; Yuan Strengthens


Monday, 3 December 2018 09:51 WIB

Indeks Shanghai CompositeCSI 300


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Chinese stocks climbed and the yuan strengthened after presidents Xi Jinping and Donald Trump said they won’t announce any new tariffs for 90 days.

The CSI 300 Index gained 2 percent, led by rallies in ZTE Corp., Hangzhou Hikvision Digital Technology Co. and exporters that have most to gain from improving trade relations. The yuan rose 0.5 percent to 6.9163 per dollar. The benchmark 10-year government bond yield gained 3 basis points to 3.41 percent.

The agreement means the U.S. will hold off on its prior plans to raise tariffs on $200 billion worth of Chinese goods, which were set to take effect from January. The news boosted risk assets globally on Monday, encouraging strategists at Morgan Stanley to upgrade their already-positive forecast for China’s stocks next year. The rally also helped lift equity benchmarks in Hong Kong and Shanghai above key support levels.

The Shanghai Composite Index is among the world’s worst benchmarks this year, down 22 percent through last week for its worst annual performance since 2008. The yuan has weakened about 10 percent since a high in April.

The Hang Seng Index rose 2 percent, led by Macau casino operators after revenue growth topped analysts’ estimates in November.

Source: Bloomberg


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