The benchmark Shanghai Composite Index on Thursday added 3.38 per cent, or 103.29 points, to 3,156.07.
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An early rally in stock prices dissipated by midday Wednesday following a retreat in crude oil prices. While China’s army of retail investors do not react as often or as quickly to earnings reports as those in developed markets, traders are bracing for bad news.
With that in mind, companies, particularly those with exposure to businesses outside the US, are likely to be in focus this quarter, Ablin said. The tremendous potential of the Chinese movie market has prompted several analysts to believe that it will surpass the US movie market by 2017. Broader S&P 500 futures lost 0.6 percent to 1,975.70. Shanghai stocks rose 3.6 percent. Since the market closed on October 1, the Hang Seng has risen 8 percent, while H-shares, or Chinese companies that trade on the Hong Kong stock exchange, have gained 10.5 percent, according to IG. Australia’s S&P/ASX 200 climbed 0.2 percent to 5,210.40.
Volatility in the world’s wildest stock market is finally receding. It was on track to post its third straight day of losses against the yen, which received a fresh lift on Wednesday after the Bank of Japan kept monetary policy steady. Meanwhile, oil prices seem to have stabilized.
IMAX China said its business has grown strongly despite the economic slowdown.
“Arguably, two of the most important developments since China’s holiday began is the weakness in the US employment data and, leaving aside the United Kingdom, output of the major economies appeared to slow in August”, wrote Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
A hands-off approach could cause more depreciation in the yuan, also known as the renminbi, should the Chinese economy weaken further.
A source with direct knowledge of China Re’s IPO plans said that a strong response from investors this week had allowed the country’s biggest reinsurer to set an indicative price range for the deal which will be launched on Monday.
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Fading chances of a near-term lift-off by the Fed and expectations of a rate hike only in 2016 have taken a toll on the dollar, which fell against the euro and a broad basket of currencies.
