Chinese stocks were poised for a monthly gain before the start of the annual National People’s Congress meeting next week, while the yuan weakened.
Industrial companies led gains Friday, with Power Construction Corp. of China jumping more than 8 percent. PetroChina Co. and China Shenhua Energy Co. paced declines by commodity producers after crude prices plunged overnight. The yuan fell to its lowest level since October 2012.
The Shanghai Composite Index added 0.2 percent to 3,304.53 at 10:07 a.m. local time. The gauge has risen 3 percent during the holiday-shortened month. The measure jumped 2.2 percent yesterday after Premier Li Keqiang called for more active fiscal policy and a central bank publication said additional monetary easing is needed.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015