Gains in value across Hong Kong, Shenzhen, and Shanghai over the week are approximately $1 trillion.
SINGAPORE – Chinese markets soared and the yuan rose on Friday, November 4, with about a trillion dollars added to the value of Chinese stocks in week, as rumors and news reports fed hopes for twin relief in US-China tension and China’s tough COVID-19 rules.
Unsubstantiated social media posts flagging an aim to relax COVID-19 rules in March have also all week and seemed to get new momentum on Friday. Hedge fund manager Lei Ming said the reopening rumor is just the trigger for a rebound in an oversold market. The rally extended to commodities markets with iron ore futures and China-sensitive stocks listed in London and Europe.
Strategists at TD Securities continue to expect a gradual easing of zero-COVID restrictions, warning that markets could be in for some disappointment if investors are expecting something more rapid.Changes to COVID-19 policies have not been officially flagged. A foreign ministry spokesman said on Tuesday, November 1, he was not aware of the situation, when asked about rumors on social media that China was planning a reopening from strict COVID-19 curbs in March.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong central bank raises interest rate after Fed, warns of borrowing risksThe Hong Kong Monetary Authority raised its base rate charged through the overnight discount window by 75 basis points to 4.25 percent, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. | Reuters
Read more »
China Evergrande chairman's Hong Kong mansion seized by bankSaddled with more than $300 billion in total liabilities, China Evergrande Group has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.
Read more »
Barbie Forteza's monologue in 'Maria Clara at Ibarra' about clergy gains buzz“Pero puwede ba, ‘yung mga nagpapakilalang sugo mo dito, sabihan mo naman. They’re giving you a very bad name. Nakakagigil sila,” Klay, Barbie Forteza’s character in “Maria Clara at Ibarra,” said.
Read more »
Dollar takes a breather, pound gains ahead of BOE meetingThe U.S. dollar eased slightly as investors digested the possibility that Federal Reserve may raise interest rates further than expected, while sterling edged higher ahead of the Bank of England policy meeting. | Reuters
Read more »
Manila Chooks! vies in Saudi’s Neom Super Quest - BusinessMirrorMANILA Chooks! will begin its post-Chico Lanete era on Friday on the sunny beaches of Neom, Saudi Arabia as the country's second-ranked 3x3 team competes in the Neom Super Quest—a qualifier for the FIBA 3x3 Hong Kong Masters and part of the Neom Beach Games 2022. Manila is made up of a tall and young
Read more »
Bolts fight for survival in game vs Bay Area Dragons - BusinessMirrorCOACH Norman Black and the Meralco Bolts try to stay in contention for the playoffs when they clash with heavily-favored Hong Kong Bay Area Dragons at the resumption of the Philippine Basketball Association Commissioner’s Cup Friday at the Smart Araneta Coliseum. Lingering close to the bottom of the standings with a 1-5 win-loss record, the
Read more »