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China’s stock market reopens with a bang on economic data, Hang Seng Index subdued on virus concerns

China’s stock market reopens with a bang on economic data, Hang Seng Index subdued on virus concerns



calendar: A woman wearing a protective mask walks past an electronic board displaying stock indexes in markets around the region. Photo: Bloomberg


A woman wearing a protective mask walks past an electronic board displaying stock indexes in markets around the region. Photo: Bloomberg

China’s stock market reopened with a bang after an eight-day holiday as a private economic report signaled a sustained recovery in the nation’s services industry. Hong Kong stocks were rangebound amid concerns about new measures to contain local coronavirus cases.

The CSI300 index, which tracks the performances on Shanghai and Shenzhen bourses, gained as much as 1.9 per cent to 4,672.41 from the level on September 30. The gauge has risen by more than 14 per cent so far this year. The Hang Seng Index was little changed at 24,225.03, and was on course for a weekly gain.

The China Caixin/Markit services PMI index rose to 54.8 in September versus 54 in the preceding month, today’s report showed. The Composite PMI index, however, eased to 54.5 versus 55.1 previously. Readings above 50 indicate expansion.

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This was above the median expectation in a Bloomberg survey for a reading of 54.3, with the rate of expansion the sharpest for three months and among the quickest recorded over the past decade.

Zhejiang Sanhua Intelligent Controls, which manufactures appliance parts, led gains among CSI300 members with a 9.2 per cent rally.

Shares of Beijing Yanjing Brewery, one of China’s largest breweries and a subsidiary of municipal government-backed conglomerate Beijing Enterprises Holdings, fell as much as 5 per cent to 8.01 yuan. The company said its chairman had been detained by mainland Chinese authorities to assist an official investigation, in a filing to the Shenzhen exchange on Thursday night.

In Hong Kong, health officials warned of an alarming rebound in Covid-19 infections, saying the number of

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Businesses shut in effort to contain virus in New York City hot spots

Businesses shut in effort to contain virus in New York City hot spots

NEW YORK (AP) — Hundreds of businesses and schools in New York City neighborhoods where coronavirus cases have spiked were closed Thursday by order of the governor, but questions swirled about how effectively officials could enforce the shutdown in areas where it has been met with resentment.

The new rules were also met with legal resistance, as the Roman Catholic Diocese of Brooklyn and Agudath Israel of America, an Orthodox Jewish umbrella organization, filed lawsuits over a provision limiting attendance at indoor religious services to no more than 10 people.

Confusion and dismay reigned as the restrictions began to take effect.

In Brooklyn’s Borough Park section, the scene of two nights of protests against the clampdown by Orthodox Jews, some merchants subject to the shutdown order appeared to be operating as usual at midday, including a barber shop, cellphone stores and a toy store.

Mayor Bill de Blasio said 1,200 city workers would be out on the streets doing enforcement, though some of those efforts involved trying to educate businesses about rules imposed with little warning in hastily drawn zones with confusing borders.

All nonessential businesses in areas designated “red zones” in parts of Queens and Brooklyn by Gov. Andrew Cuomo were supposed to shut. Public and private schools were supposed to close, as well, within both the red zones and surrounding “orange zones” designated by the Democratic governor.

Exactly where those zones began and ended, though, wasn’t easily apparent from maps released by the governor’s office or the city. Parents at one Brooklyn school protested that their school had been shut by the city even though it lay outside the area the governor had designated for school closures.

The new restrictions involve parts of Brooklyn and Queens in New York City, sections of Orange and Rockland counties in the

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Businesses shut in effort to contain virus in NYC hot spots

Businesses shut in effort to contain virus in NYC hot spots

NEW YORK — Hundreds of businesses and schools in New York City neighborhoods where coronavirus cases have spiked were closed Thursday by order of the governor, but questions swirled about how effectively officials could enforce the shutdown in areas where it has been met with resentment.

The new rules were also met with legal resistance, as the Roman Catholic Diocese of Brooklyn and Agudath Israel of America, an Orthodox Jewish umbrella organization, filed lawsuits over a provision limiting attendance at indoor religious services to no more than 10 people.

Confusion and dismay reigned as the restrictions began to take effect.

In Brooklyn’s Borough Park section, the scene of two nights of protests against the clampdown by Orthodox Jews, some merchants subject to the shutdown order appeared to be operating as usual at midday, including a barber shop, cellphone stores and a toy store.

Mayor Bill de Blasio said 1,200 city workers would be out on the streets doing enforcement, though some of those efforts involved trying to educate businesses about rules imposed with little warning in hastily drawn zones with confusing borders.

All nonessential businesses in areas designated “red zones” in parts of Queens and Brooklyn by Gov. Andrew Cuomo were supposed to shut. Public and private schools were supposed to close, as well, within both the red zones and surrounding “orange zones” designated by the Democratic governor.

Exactly where those zones began and ended, though, wasn’t easily apparent from maps released by the governor’s office or the city. Parents at one Brooklyn school protested that their school had been shut by the city even though it lay outside the area the governor had designated for school closures.

The new restrictions involve parts of Brooklyn and Queens in New York City, sections of Orange and Rockland counties in the Hudson

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‘A Republican Party unraveling’: GOP plunged into crisis as Trump abruptly ends economic relief talks, dismisses virus

‘A Republican Party unraveling’: GOP plunged into crisis as Trump abruptly ends economic relief talks, dismisses virus

For some Republicans, the 11th-hour repositioning may not be enough to stave off defeat. But the criticism, however muted, illuminates the extent of the crisis inside a party that is growing alarmed about its political fate and confused by Trump’s tweets and decision-making.

“It’s a Republican Party unraveling,” presidential historian Douglas Brinkley said. “They’re seeking to rid themselves of Trump at this juncture but realize they can’t quite yet. But they know his name is no longer kinetic on the campaign trail.”

GOP strategists said on Wednesday that the angst in the party could exacerbate in the coming weeks if stock markets are throttled by Trump cutting off talks with House Speaker Nancy Pelosi (D-Calif.) on a broader stimulus bill and if the pandemic’s toll worsens as temperatures drop across the nation and people move indoors.

Underscoring Trump’s unpredictability was the White House’s overtures to Pelosi Wednesday for a deal to rescue the airline industry.

“There are cracks and fissures all over the ice,” said Republican consultant Rick Tyler, a Trump critic. “The president spent months ignoring the virus and talking about the economy coming back. But when the president catches the virus and the economy doesn’t come back, what do you do? You try to survive.”

One senior GOP official close to Trump, who spoke on the condition of anonymity to speak candidly, compared this crossroads to when the “Access Hollywood” story broke in October 2016 and many Republicans distanced themselves from Trump, who on tape had bragged in vulgar terms about groping women.

“The situation is getting worse and worse,” the senior official said. “This is like ‘Access Hollywood’ because we’re all seeing terrible poll numbers. We didn’t think it’d be this bad at this point. Everyone is wondering where the bottom is, and they’re figuring out what

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‘I fell for what Trump was saying’: Workers sound off on virus, uncertainty about economic aid

‘I fell for what Trump was saying’: Workers sound off on virus, uncertainty about economic aid

That’s on top of the fact that layoffs continue to pummel the job market, forgivable loans for small businesses under the Paycheck Protection Program have run out, and more than 20 million Americans are no longer receiving enhanced unemployment benefits.

It’s a perfect storm hitting everyday workers who are trying to keep their lives afloat.

Truck driver Derrick Beauvais used to deliver paper products to 40 Boston-area restaurants every day, but since the pandemic hit, he’s lucky if he has half that. His paychecks are down by half, as well. An extra $200 a week in unemployment benefits has helped, and he is counting on another stimulus package to get by.

“My wife doesn’t work because I always made enough money where she could stay home and take care of our son,” he said, adding that he recently decided to get an emergency credit card because he doesn’t have any savings.

He said he looks back on the $1,200 stimulus check and $600 enhanced unemployment benefits of earlier in the year, wishing he would have planned ahead, maybe not buying his 8-year-old son extra back-to-school clothes.

“I didn’t exactly save like I probably should have,” he said. “I fell for what Trump was saying . . . ‘When the weather gets nicer the virus is going to go away’. . . and here we are, almost in November.”

May, a housekeeper at the still-closed Sheraton Boston Hotel who asked that her last name not be used, has been using her unemployment checks to pay her mortgage and raise her 7-year-old daughter in Quincy. But with no reopening date in sight, and jobless benefits coming to an end, she doesn’t know what she’s going to do.

“I can’t imagine this,” said May, who is from China and has been in the

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