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China’s stocks take a break after Monday’s rally vaulted market value past US$10 trillion as traders put Covid-19 in rear view mirror

China’s stocks take a break after Monday’s rally vaulted market value past US$10 trillion as traders put Covid-19 in rear view mirror



a close up of a street: Hong Kong’s financial district is deserted as the approach of Typhoon Nesat on 29 September 2011 emptied the streets. Photo: SCMP


© SCMP
Hong Kong’s financial district is deserted as the approach of Typhoon Nesat on 29 September 2011 emptied the streets. Photo: SCMP

China’s stocks declined in early trading, taking a respite after rallying by the most in three months, as investors assessed the strength of the economic recovery and the prospect of refresh US stimulus packages. Trading was halted in Hong Kong due to an approach by the tropical storm Nangka.

The Shanghai Composite Index dropped 0.5 per cent to 3,342.18 in early trading on Tuesday. It jumped 2.7 per cent a day earlier on expectations that the recovering in the Asian nation will gather pace and President Xi Jinping will unveil further reform measure in his trip to Shenzhen to mark the 40th anniversary of the economic zone in southern China on the doorsteps of Hong Kong.

China’s stocks top US$10 trillion as economy shakes off 2015 rout, Covid-19

The combined market values of the companies trading on the Shanghai and Shenzhen exchanges rose to US$10.04 trillion on Monday, surpassing the US$10 trillion mark for the first time since 2015. China is the world’s second-largest equity market after the United States.

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China is due to release the September data on exports and imports on Tuesday and the data on third-quarter economic growth will be released on October 19. Other markets in Asia were mixed as the US was still deadlocked over a new round of stimulus measures.

Hong Kong’s securities market has been halted from trading in the morning session after the local weather agency raised the typhoon signal to the third-highest level on early Tuesday, the market operator said in a statement.

The Hong Kong Observatory issued the No

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China’s Stock Market Tops $10 Trillion First Time Since 2015

China’s Stock Market Tops $10 Trillion First Time Since 2015

(Bloomberg) — Chinese domestic equities are worth more than $10 trillion for the first time since 2015, when a record crash erased half the market’s value in months and saddled millions of investors with losses.

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The world’s second-largest stock market has added $3.3 trillion since a low in March, helped by Beijing’s policies to encourage trading, a flurry of new listings that arrived with eased rules, and the strengthening yuan. Stocks have been close to the $10 trillion milestone since July, when China’s government acted to tame a speculative rally that had suddenly pushed a gauge of large caps near a 12-year high.

The country’s total market capitalization is now $10.04 trillion and just shy of the all-time high, according to data compiled by Bloomberg as of Monday. The U.S. has the world’s most valuable stock market at $38.3 trillion.

“It’s a meaningful number, especially coming after a pause in the stock rally,” said Hao Hong, chief strategist for Bocom International in Hong Kong. “It’s possible China’s market value can expand faster now that market reforms like the registration-based IPO system are in place.”



chart, histogram: China market capitalization has once again hit the $10 trillion level


© Bloomberg
China market capitalization has once again hit the $10 trillion level

Chinese shares rallied after a long holiday break on optimism the government will introduce reforms to turn the region around Shenzhen into a global technology hub and that the ruling Communist Party will introduce policies to stimulate demand when it holds a major meeting later this month. Equities surged over the summer as margin debt climbed at the fastest pace since 2015 and turnover soared.

The CSI 300 Index of key stocks listed in Shanghai and Shenzhen slipped 0.2% as of 10:17 a.m. on Tuesday, paring its gain in 2020 to 17%. That rally tops the world’s major benchmarks.

China has

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White House Floats $1.8 Trillion Stimulus Offer in Last-Ditch Effort: Live Updates

White House Floats $1.8 Trillion Stimulus Offer in Last-Ditch Effort: Live Updates

Credit…Pete Marovich for The New York Times

The White House, seeking to revive stimulus talks that President Trump called off just days ago, planned on Friday to put forward its largest offer for economic relief yet, as some Republicans worried about being blamed by voters for failing to deliver needed aid ahead of the election.

The new proposal, for Treasury Secretary Steven Mnuchin to present to congressional Democrats, would increase the White House’s plan for coronavirus stimulus to $1.8 trillion.

The president “would like to do a deal,” Larry Kudlow, director of the National Economic Council, said on the Fox Business Network on Friday, in the latest head-snapping turn in the on-again-off-again negotiations. The overall price tag of the offer was confirmed by two people familiar with the discussions, who spoke on condition of anonymity to disclose details of the talks.

Fanning the sense of optimism, Mr. Trump wrote on Twitter: “Covid Relief Negotiations are moving along. Go Big!”

The prospects of a compromise remained remote, however, given the opposition of many Republicans to another large infusion of federal virus aid. Speaking to reporters in Kentucky, Senator Mitch McConnell, the majority leader, cast doubt on the chances of a deal, saying political divisions remained too deep less than a month before Election Day.

“The situation is kind of murky and I think the murkiness is a result of the proximity to the election and everybody kind of trying to elbow for political advantage,” Mr. McConnell said. “I’d like to see us rise above that like we did back in March and April, but I think that’s unlikely in the next three weeks.”

Yet the White House was working

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Trump prepares roughly $1.8 trillion economic relief offer to Pelosi, administration officials say

Trump prepares roughly $1.8 trillion economic relief offer to Pelosi, administration officials say

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a castle on top of a building: The White House is seen in Washington, early Tuesday, the morning after President Trump returned from the hospital where he was treated for COVID-19.


© J. Scott Applewhite
The White House is seen in Washington, early Tuesday, the morning after President Trump returned from the hospital where he was treated for COVID-19.

President Trump made the stunning announcement that he and First Lady Melania Trump had tested positive for COVID-19 early Friday, Oct. 2. Since that time, several others in Trump’s circle have tested positive for the virus. Here’s the latest about what we know:

  2:31 p.m.  

Trump won’t travel over weekend, ending Florida rally plan

By Bloomberg News

President Trump will remain at the White House this weekend, people familiar with the matter said, after he said he wanted to hold rallies in Florida and Pennsylvania despite questions over the stage of his recovery from COVID-19.

Trump, who told Fox’s Sean Hannity late Thursday that he wanted to hold rallies Saturday and Sunday, won’t travel until Monday at the earliest, said the people, who spoke on condition of anonymity.

Trump has been eager to return to the campaign trail, as Democratic nominee Joe Biden widens his lead just weeks before the Nov. 3 election. Trump has released recorded video messages saying he’s well, and his physician said in a statement Wednesday that the president had been free of symptoms for the previous 24 hours.

  2:29 p.m.  

Hope Hicks returned to the White House to help Trump – then the virus hit

By The Washington Post

When she returned to the White House on March 9 after two years away and a lucrative stint in corporate PR, Hope Hicks was supposed to be a talisman to re-create the magic of President Trump’s against-the-odds 2016 campaign.

The Russia investigation that she had been caught up in was over, the impeachment had just ended and the headlines about her

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Trump prepares roughly $1.8 trillion economic relief offer to Pelosi as White House scraps scaled back approach

Trump prepares roughly $1.8 trillion economic relief offer to Pelosi as White House scraps scaled back approach

One of Trump’s top economic advisers, Larry Kudlow, said on Fox Business Network that Trump had just approved a new package, and that Treasury Secretary Steven Mnuchin would be speaking with Pelosi “hopefully to put the final touches on this.”

“The gap is narrowing. The bid and the offer, if you will, has narrowed significantly,” Kudlow said. “And, therefore, in Wall Street terms, there may be a trade for some additional assistance for the American recovery from this pandemic contraction.”

A person familiar with the situation, who spoke on condition of anonymity to discuss private negotiations, said Trump had signed off on a counter-offer to Pelosi with a pricetag around $1.8 trillion. Aside from the dollar figure, it was not immediately clear what had changed from the White House’s most recent offer of around $1.6 trillion, which Pelosi dismissed as too meager. Democrats have demanded hundreds of billions of dollars in new aid for states and cities, something Trump has long opposed.

The stock market moved slightly higher on reports of the new Trump offer, as some investors were hopeful that a new spending deal could be reached.

It was unclear if Pelosi would accept the new Trump offer. Pelosi had been pushing legislation around $2.2 trillion in the talks with Mnuchin before Trump abruptly pulled the plug on negotiations Tuesday — only to reverse course after the stock market sunk and some in his own party objected.

“Because it is so necessary to meet the needs of the American people I do hope that we will have an agreement soon,” Pelosi said on MSNBC Friday. She confirmed she would be speaking with Mnuchin later in the day.

As the coronavirus pandemic intensified in March and April, Congress approved $3 trillion in new spending to try and arrest some of

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