Chinese stocks soared on Monday, extending a five-year high, after more—relatively—upbeat economic data suggested a recovery, even in the harder hit services sector.
A spate of strong economic data has helped, including industrial profit and a better-than-expected private gauge of the services sector from Caixin hit a decade-high of 58.4 in June. In a note to clients, Miguel Chanco, Pantheon Macro’s senior Asia economist, said China’s private sector was finally awaking from its long slumber, which should help the durability of the economic recovery.
Also helping: China’s plans to let domestic commercial banks get securities licenses just as Beijing opens its financial markets to foreign banks. The move bolstered shares of domestically listed brokerage firms. That has led Qi to favor stocks that benefit from the global pandemic, such as health-care companies, those that have developed strong online distribution that can benefit as people shift to digital more—including even older Chinese who started using digital grocery services—and stocks that are expected to recover once the global economy recovers but that face limited supply chain disruptions.
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Stocks in Europe rally on economic optimismEuropean stocks rose Monday, as signs of economic progress offset worries about growing coronavirus cases in the U.S. as well as India. come on...you can't be serious with this headline...
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Källa: CNBC - 🏆 12. / 72 Läs mer »
Dollar in narrow range, yen falls as stocks riseThe dollar held steady against most currencies on Monday as investors awaited data expected to show the U.S. services sector stopped contracting, in what would give further hope to an economic recovery from the coronavirus pandemic.
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Asia stocks trade mixed as WHO reports all-time high in coronavirus casesThe World Health Organization (WHO) reported over the weekend a record high number of coronavirus cases in 24 hours. Stop talking about cases. Talk about mortality stats or death rates. It is misleading Don't bury the lead. What else did the WHO report this weekend? That China never informed it of the Wuhan virus? Fauci says coronavirus may be mutating to become more infectious:
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