Despite recent lukewarm interest in new listings, two smaller IPOs by IMAX China and Chinese lingerie maker Regina Miracle made strong debuts on the stock market on October. 8, paving the way for Huarong and China Re.
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A more than 20 percent dive in Chinese imports led to renewed worries about a growth slowdown in the world’s number two economy Tuesday, hitting most Asian equities and emerging currencies as investors flocked to safe assets. Trade figures in US dollar terms weren’t immediately available.
Japan’s TOPIX added 2.3 percent. “We certainly will see more stimulus out of China”.
The second of China’s four biggest bad debt managers to list after China Cinda Asset Management Co raised $2.8 billion in 2013, Huarong is likely to benefit from a 21.5 percent surge in Cinda’s shares over the past nine trading sessions.
China’s exports fell less than expected in September but a sharper fall in imports left economists divided over whether the country’s ailing trade sector is showing signs of turning around.
SHANGHAI China will step up its crackdown on illegal cross-border money transfers conducted by underground money dealers and offshore companies, as part of efforts to fight corruption, the central bank said on Saturday.
Fed Chair Janet Yellen and Vice Chair Stanley Fischer have recently said they support raising rates this year, but an increasingly vocal group of policymakers warn a global economic chill could weigh heavily on the USA economy. She said the Chinese data was the main catalyst behind the demand for US government debt.
While shares of the Trans-Tasman dairy firm jumped over 5 percent to close at $0.82 on heavy volume, the benchmark NZX-50 index gained 51.04 points or 0.91 percent to close at 5,689.83.
In currency markets, the dollar struggled against a basket of currencies on growing concern the Fed may not raise rates until next year, triggering a few unwinding of positions. Brent futures LCOc1 were up 0.4 percent at $52.84 a barrel.
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Tokyo sank 1.11 percent as a stronger yen hurt exporters, while Seoul closed 0.13 percent lower. Malaysian shares were marginally higher, Indonesia’s Jakarta Composite index was up 0.6 percent, Singapore’s Straits Times index was rallying 1.1 percent and the Taiwan Weighted average advanced 1.5 percent. As a result, a thriving gray market in Hong Kong is drawing tourists from the mainland looking to get drugs like Gilead Sciences’ ($GILD) hep C med Sovaldi or Roche’s ($RHHBY) breast cancer drug Herceptin, often without a prescription.
