Chinese stocks on track for best week since 2008 after stimulus blitz

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Rally follows Beijing’s pledge to support capital markets and economic growth targets

Chinese equities are on track for their best week since 2008 after Beijing launched an economic stimulus package including a $114bn war chest to boost the stock market. The CSI 300 index of Shanghai- and Shenzhen-listed companies is up almost 15 per cent for the week in its best performance since November 2008, when China announced a similar stimulus package in response to the global financial crisis.

The region-wide Stoxx 600 closed at a record high on Thursday pushed higher by luxury groups that would benefit from stronger consumer spending in China. The China rally followed Wall Street gains after the S&P 500 closed on Thursday at a record high for the third time this week, with equities climbing ahead of Friday’s inflation report.

 

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