China Stocks Rise to Four-Month High After Economic Meeting

China’s stocks rose to a four-month high after the nation’s leaders signaled at an economic meeting that they will take further steps to support growth.

The Shanghai Composite Index climbed 0.3 percent to 3,651.77 at the close, the highest level since Aug. 20. Jiangxi Copper Co. and Anhui Conch Cement Co. led gains for material producers and property developer Gemdale Corp. surged to a record high after the Central Economic Work Conference concluded with plans to increase fiscal spending and measures to stimulate the housing market.

The Shanghai gauge has rallied 20 percent this quarter, heading for the biggest gain among global benchmark measures tracked by Bloomberg, after the government took unprecedented measures to stabilize equities following a $ 5 trillion rout earlier this year. Policy makers have allowed initial public offerings to resume since the selloff, while some other drastic measures such as banning major shareholders from selling their stakes for six months expire in early January.

Source: Bloomberg


Asian Stocks Slide From Four-Month High; Chinese Shares Decline

Asian stocks fell, with the regional benchmark index retreating from a four-month high, as U.S. earnings and durable-goods orders disappointed.

The MSCI Asia Pacific Index declined 0.1 percent to 142.32 as of 4:10 p.m. in Hong Kong after closing yesterday at its highest since Sept. 25. The Standard & Poor’s 500 Index sank 1.3 percent yesterday, while the Nasdaq 100 Index tumbled 2.6 percent for the biggest drop since April on earnings and as orders for business equipment unexpectedly fell for a fourth month in December.

China’s Shanghai Composite Index slid 1.4 percent to a one-week low on concern inflows into equities will slow after some banks reduced leverage for trust products investing in shares.

Japan’s Topix index gained 0.3 percent, erasing losses of as much as 0.8 percent. New Zealand’s NZX 50 Index advanced 1 percent. Australia’s S&P/ASX 200 Index added 0.1 percent. Hong Kong’s Hang Seng Index rose 0.2 percent.

Source : Bloomberg