BHP ASX: China stimulus hopes dashed, sparking sell-off in mining stocks, iron ore

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 58 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 90%

Brasil Notícia Notícia

Brasil Últimas Notícias,Brasil Manchetes

Chinese officials fell well short of the multitrillion-yuan stimulus package predicted by some analysts, wrong-footing bullish commodity and equity markets.

The blistering rally in assets exposed to China reversed sharply on Tuesday after authorities failed to deliver a bazooka-style spending package, raising doubts that Beijing will back up its monetary pledges with real money.

The Hang Seng China Enterprises Index of Chinese stocks listed in Hong Kong, which remained open over the past week, slumped as much as 11 per cent, erasing all its gains from the period that onshore markets were shut.Iron ore futures in Singapore followed suit, dropping as much as 4 per cent after being up by a similar amount earlier in the session. Copper on the London Metal Exchange slid 1.3 per cent to $US9797.50 a tonne, while aluminium and zinc fell by more than 1 per cent.

Indeed, Chinese officials vowed to increase spending on infrastructure, urban redevelopment and assisting households to upgrade property. They added that Beijing would issue 200 billion yuan for spending and investment projects by the end of this year.Before the briefing, Morgan Stanley indicated a 2 trillion yuan fiscal package could be unveiled at the NDRC press conference.

Bullish traders had piled into China in the lead-up to the Golden Week holiday. Citi observed the second-largest weekly inflow to China equity funds ever, while VanEck’s two China exchange-traded fund experienced their biggest five-day volumes since listing.

 

Obrigado pelo seu comentário. Seu comentário será publicado após ser revisado.
Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

 /  🏆 2. in BR

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

CBA ASX: China stimulus triggers rotation out of ASX banks stocks and into minersTraders are scrambling after China’s latest effort to boost its economy prompted investors to rapidly pull money from the big four banks and pile into the mining sector.
Fonte: FinancialReview - 🏆 2. / 90 Consulte Mais informação »