China stocks close lower ahead of trade data

** Chinese authorities have asked the country's biggest banks to lower their deposit rates for at least the second time in less than a year in an effort to boost the economy, Bloomberg News reported. ** Hong Kong-listed mainland property stocks jumped 4.5%, and the CSI 300 Real Estate Index edged up 0.4%, as investors clung to hopes that Beijing would roll out supportive measures soon to bolster the embattled sector.


Reuters | Beijing | Updated: 06-06-2023 14:51 IST | Created: 06-06-2023 14:37 IST
China stocks close lower ahead of trade data
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China stocks ended lower on Tuesday, erasing earlier gains ahead of trade data, despite expectations of more policy easing to aid the sluggish economic recovery.

** China's blue-chip CSI300 Index closed down 0.9% and the Shanghai Composite Index dropped 1.2%. ** Hong Kong's benchmark Hang Seng slipped 0.1%, while the Hang Seng China Enterprises Index added 0.2%.

** Investors are closely watching the May export and import data due on Wednesday. According to a Reuters poll forecast, imports contracted in May, while exports fell for the first time in three months. ** "The upcoming economic data, including the consumer inflation data due on Friday, is closely watched as they may provide the reason for more policy support from the central bank," said Khoon Goh, head of Asia research at ANZ.

** China will likely further cut banks' reserve ratio and interest rates in the second half of this year to support the economy, the China Securities Journal reported, citing policy advisers and economists. ** Chinese authorities have asked the country's biggest banks to lower their deposit rates for at least the second time in less than a year in an effort to boost the economy, Bloomberg News reported.

** Hong Kong-listed mainland property stocks jumped 4.5%, and the CSI 300 Real Estate Index edged up 0.4%, as investors clung to hopes that Beijing would roll out supportive measures soon to bolster the embattled sector. ** Hopes of further national stimulus policies increased last Friday after several second-tier cities announced their own supportive measures.

** Meetings between senior U.S. and Chinese officials in China this week struck an upbeat chord, with both sides agreeing to keep communication lines open, even as Beijing remained leery of more "provocative" U.S. moves and open clashes are still a risk. ** Chinese Mixed Reality (MR)-themed stocks fell after Apple launched its MR headset overnight that failed to excite Wall Street.

** Hong Kong-listed technology giants slipped 0.2%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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