That’s after it suffered its worst month in almost six years in July, falling 14%.
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China stocks rose on Friday as state media tried to coax wary investors back into the market, indicating trillions of yuan funds were available to deploy to boost the market. Still, the market is down 28% from its peak in mid-June.
ANALYST’S TAKE: “There are concerns the S&P 500 may be set for some major declines as rallies are seeing less volume behind them”, said Angus Nicholson of IG Markets in a report.
METALS: In commodity trading, gold rose $4.50 to settle at $1,090.10 an ounce, and silver gained 12 cents to $14.68. “The market doesn’t lack liquidity, but positive expectation”, added Mr. Li. While there’s been a de-facto peg of about 6.20 in place since March, daily moves have been kept to no more than 0.01 percent for the past month and a gauge of expected swings fell this week by the most in five months. But those firms aren’t the latest culprits. Copper lost a penny to $2.34 a pound.
“There is as little doubt that Australian banks have been the darlings of local investors in recent years due to their very low loan provisions, solid margins and rising payout ratios”, Matt Sherwood, head of investment strategy at Perpetual said. Hong Kong’s Hang Seng fell 0.6 percent and the Shanghai Composite fell 0.9 percent.
Software companies rose in Shenzhen. It gained 0.02 percent on Friday. The advance was limited, however, because many market participants refrained from aggressive trading ahead of the jobs data.
SoftBank was up 3.6% to following stronger earnings results and Chief Executive Masayoshi Son’s reassuring comments on its struggling U.S. mobile operator Sprint Corp.
In its second-quarter monetary policy report, the People’s Bank of China said its efforts might increase volatility in asset prices and raise debt levels, reported Reuters.
The bank also said consumer inflation was running at a low level, and noted that monetary policy would not target changes in the price of any specific good, without elaborating.
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Rio Tinto outperformed the bourse, up 1.5 percent following a modest rise of 0.2 percent in its London-listed shares after announcing a 43 percent slide in first-half underlying profit to $2.9 billion, beating consensus of $2.4 billion.
