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China holiday spending weakness weighs on shares ahead of reopen
Hong Kong-listed major Chinese firms fell 1.7% during the Oct. 1 National Day break, raising risks for the CSI 300 after it slipped below a key support level.
Chinese stocks are set to face renewed pressure as trading resumes after the week-long National Day holiday, with weak holiday spending and losses in Hong Kong shaping sentiment, according to LiveMint Markets.
Mainland markets reopen Thursday following the Oct. 1 closure, and a gauge of major Chinese firms listed in Hong Kong fell 1.7% during the break.
LiveMint Markets reports that the CSI 300 is vulnerable after falling below a key technical support level late last month.
The outlook also hinges on early data pointing to entrenched pessimism among Chinese consumers and expectations that policymakers have shown limited appetite for stronger stimulus, though LiveMint Markets notes a recent Qualcomm and Huawei patent licensing deal has revived some enthusiasm for the technology sector.