Updated 08:14 IST, October 15th 2024
China stocks slip as investors wait on fiscal spending
The Shanghai Composite and the blue-chip CSI300 were down about 0.3% each in morning trade and Hong Kong's Hang Seng fell 0.8%.
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Chinese stock market: Chinese stocks eased on Tuesday as the frenzied rally that drove them to multi-year highs a week ago subsides with investors stepping back to see when and where government support will be directed at the world's second-biggest economy.
The Shanghai Composite .SSECand the blue-chip CSI300 .CSI300were down about 0.3 per cent each in morning trade and Hong Kong's Hang Seng .HSIfell 0.8 per cent.
China's markets have been on a tear since late September when a series of policy announcements drove speculation that the government was finally serious about spending money to salvage this year's 5 per cent growth target and address flagging consumption.
The CSI300, which is up 23 per cent since the closing bell on Sept. 23, has turned bumpy in recent sessions as the policy promises have lacked details on timing and size.
On Saturday the finance ministry had said it would increase borrowing, without saying when or by how much. Caixin Global reported on Tuesday China may raise an additional 6 trillion yuan ($850 billion) over three years to fund fiscal stimulus and officials have reiterated their intention to achieve around 5 per cent growth.
"If we still achieve 5 per cent this year, then we can see perhaps we are already at the bottom of this L-shaped path (for China’s growth-rate), which I think would help anchor market expectations," said Citi's chief China economist Xiangrong Yu
"In this sense, it's pretty important," he said. "Otherwise, I think, it seems this slow-down process is a non-ending process."
Most market sectors were marginally lower on Tuesday but property .CSI000952, construction .CSI399995 and semiconductor-focused sub-indexes were steady as they are seen as beneficiaries of spending needed urgently to support growth.
"I believe October and November are the critical time window for deploying the money to form GDP for this year," said Citi's Yu.
Broader markets in Asia were fairly steady, while the yuan CNY=CFXS ticked to a one-month low of 7.0796 per dollar.
Oil slid on reports Israel would avoid attacking Iranian oil facilities.
Published 08:14 IST, October 15th 2024