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China Shares Trade Flat this morning

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Looking at markets in China today, the Shanghai Composite Index was almost flat in early trade on Thursday after closing at a near three-week high on Wednesday. Traders in China digested reports that the PBoC was seeking to avoid a slowdown in China’s economic recovery by freeing up more liquidity for banks to lend. Wednesday’s data showed China’s banks extended CNY 1.08 trillion in new yuan loans in July, their lowest since October 2020, while China’s total social financing dropped to CNY 1.06 trillion from CNY 3.67 trillion in June. On the pandemic front, China’s tighter curbs, now in its fourth week and involving more than a dozen cities, reportedly are hitting the services sector especially travel and hospitality. In the US, the Dow and the S&P 500 notched fresh record highs on Wednesday after the US headline inflation rate came in in line with expectations. Gainers were mainly seen for basic materials and consumer staples while healthcare and consumer non-cyclicals largely fell.

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