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Investors take heart as Shanghai bounces back
A powerful rebound for Chinese stocks offered an encouraging backdrop for global equity markets yesterday, although the broader risk environment was more mixed.
The Shanghai Composite index leapt 4.5 per cent – its biggest one-day rise since March – amid hopes of government action to support the market following its slide since the start of the month.
“China is currently being watched as a bellwether with concerns that the recent collapse in Chinese equities may act as a leading indicator for global equities,” said Sreekala Kochugovindan, asset allocation strategist at Barclays Capital.
“However, the latest bout of risk aversion has occurred against the backdrop of low volumes. History suggests that trends established during periods of low trading volumes have swiftly petered out once volumes picked up.”
Shanghai's advance helped other Asian equity markets rebound, with the Nikkei 225 in Tokyo rising 1.8 per cent and Hong Kong 1.9 per cent.
Europe followed suit, with the FTSE Eurofirst 300 gaining 1.4 per cent, while the S&P 500 was up 0.8 per cent by midday in New York.
US investors focused on the positives in what turned out to be a fairly mixed bag of economic releases. “It seems that more so than ever each trickle of data has even greater meaning attached to it at present,” said Andrew Wilkinson, senior market analyst at Interactive Brokers.
“That's probably due to the growing wariness over whether the patchwork quilt sewn together by government and central banks is sufficient to warm the consumer until artificial demand can be adequately replaced by genuine consumer demand.”
