Beijing on Sunday announced it would halve the stamp duty on stock trading in the latest attempt to boost the struggling market and followed steps to support housing. China’s securities regulator also approved the launch of 37 retail funds.
In addition, China Evergrande Group lost as much as 80% of its market value on Monday after its shares resumed trading in a crucial step for the world’s most indebted property firm as it seeks to restructure its offshore debt. The focus now moves to the official PMI for August, out on Thursday, which is still expected to show activity is in the red.
“The impression from the Fed has now become 50 shades of hawkish. We know rates will remain above 5% but the question remains for how long and how much higher?” said Lombard Odier’s Ielpo. The market is evenly split on whether there will be another rise in the 3.75% rate, with ECB President Christine Lagarde on Friday emphasizing that policy needed to be restrictive.
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