-- Chinese stocks listed onshore headed for their first decline in 11 days as traders grow impatient with the pace of Beijing’s stimulus measures, with sentiment also hurt by weak holiday-spending data.Should Evictions Be Banned After Hurricanes and Climate Disasters?
Investors are starting to worry the rapid rebound in Chinese stocks since late September may prove to be yet another false dawn unless Beijing announces a strong fiscal package that can revive consumption and support the property sector. Spending patterns during the Golden Week holiday suggest consumer sentiment remains muted despite some signs of stabilization after the barrage of stimulus.
“China and Hong Kong markets are very volatile as investors, both foreign and domestic, are still rebalancing amid the stimulus and liquidity rush,” said Marvin Chen, a strategist at Bloomberg Intelligence. “Both onshore and offshore markets are trying to converge after the long holidays. There may be some profit taking onshore, while the Hong Kong market is rebounding from a large selloff yesterday.More measures may yet be coming from Beijing.
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