China shares cling to the tiniest of gains on march to possible nine-week winning streak
- China’s stock markets have been on fire
- US official, OECD offer cautionary words on US, world economic growth
The Shanghai Composite barely clung to gains Thursday, while Hong Kong’s Hang Seng ended down, as global growth concerns and the trade war weighed on sentiment.
On the mainland, the Shanghai Composite Index bobbed through the day before adding 0.14 per cent, or 4.31 points, to 3,106.41, by the close. The CSI 300 similarly bounced about before losing 1.02 per cent, or 39.24 points, to 3,808.85.
Blue chips reversed four days of gains after China’s finance minister Liu Kun said a proactive fiscal policy did not mean Beijing would overpower the country’s slowing economy with huge amounts of stimulus. That undercut some positive feelings in the week from incoming economic support like tax cuts.
China’s most powerful elite are meeting for two weeks in Beijing, and traders have been listening closely for steps that would impact sectors of the economy.
A lack of conclusion over the trade deal remains at the forefront of trading sentiment, as traders still seem to be searching for direction.
On Wednesday Donald Trump said talks were moving along well, but without giving any certainty, only indicating it would be a “good” deal or no deal. He is reported to be pushing US negotiators to get a deal in hopes, according to Bloomberg, that a potential positive impact on markets will help his chances of being re-elected as US president in 2020.