China's stock market rises on positive industrial data and property market support, boosting stocks

From Business Standard: 2024-05-17 05:46:00

Mainland China’s share market rose for a second day, boosted by positive data on industrial production and retail sales. The government also implemented measures to support the property market, including land purchases and easing mortgage loan rules. Expectations of a Federal Reserve rate cut and foreign inflows also drove up stocks.

China’s industrial production grew 6.7% in April while retail sales growth softened to 2.3%. Fixed asset investment rose 4.2% in the first four months of the year. However, new home prices in 70 cities dropped 0.58% from March and 3.1% compared to last year, with existing home values also falling 0.94%.

The yuan strengthened against the dollar after reports that China may have local governments buy unsold homes. The central bank set the mid-point rate at 7.1045 per dollar, with the onshore yuan opening at 7.2300. The currency was trading at 7.2267 on Friday, 1.72% away from the midpoint.



Read more at Business Standard: China Stocks extend gains on positive data, realty push | Capital Market News