Chinese stocks slightly rose Friday, after the U.S. Federal Reserve held off on raising interest rates citing potential global uncertainties.
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However, Shanghai remains volatile – continuing its wild swings – as authorities struggle to calm nerves about a sharp slowdown in the world’s number two economy. The CSI 300 Index gained 0.4 percent.
While Singapore’s Straits Times went up 10.39 points or 0.36 percent to end at 2,906.20. It fell 5.74 percent for the week.
The Shanghai gauge has tumbled 40 per cent from its June high as leveraged investors fled amid concerns valuations weren’t justified given the weakening economy. The IPO may start as soon as next month, they said. “Information on state buying isn’t transparent and it seems that the national team doesn’t have a clear strategy and tactics”.
Financial markets have predicted a rate rise throughout the majority of the year, but these faded last month due to global volatility at the hands of China’s market falls last month. “So you see a volatile market as investors don’t follow state buying”.
With an increase considered less likely the dollar eased.
But the greenback edged up to 120.90 yen from 120.61 yen Wednesday in New York while the euro was at 136.95 yen from 136.11 yen on speculation the Bank of Japan will unveil fresh stimulus. However, Savills explains that properties in Dubai tend to be larger than most other high-end markets and so on a sq ft basis, represent significant value to both investors and residents.
Brokers had a decent performance but CITIC Securities underperformed as rating agency Standard & Poor’s downgraded China’s biggest brokerage after several of its senior executives were under investigation for suspected market violations. The vast annual asset-buying scheme was a key pillar of a policy blitz launched by Prime Minister Shinzo Abe to kickstart Japan’s moribund economy and conquer deflation.
Oil prices enjoyed a second bump after Wednesday’s surge that came in response to a report showing a plunge in U.S. stockpiles, fuelling hopes demand may be picking up.
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United States benchmark West Texas Intermediate climbed 0.21 percent Thursday and Brent was up 0.54 percent.
