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☆ Shanghai bourse unit suffers temporary glitch in a market data system
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 9 (Reuters) - A Shanghai Stock Exchange (SSE) unit said on Wednesday a market data system had resumed normal service following a temporary glitch that had led to abnormal data being supplied to information providers. In early trading on Wednesday, some investors complained in social media of abnormal data on various stock trading platforms, which affected their investment. The InfoNet also said that Shanghai market trading was not affected by the system switch, after checking with the SSE. However, many investors reported their trading platforms crashed or showed abnormal market data in the morning and complained about losses caused by the breakdown. This technical glitch came a day after a fat-finger incident in China's financial futures market.

☆ Shanghai bourse kicks off week-long conference to woo global investors
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 8 (Reuters) - The Shanghai Stock Exchange (SSE) kicks off on Wednesday a week-long global conference to promote China's capital markets, according to an official agenda, the latest in a flurry of activities by regulators to woo international investors. Participants at the annual SSE Global Investor Conference, to be held Nov. 9-16, and closed to the media, include Chinese regulators, executives from global banks and asset managers such as abrdn, Deutsche Bank and PIMCO. At the Global Financial Leaders' Investment Summit in Hong Kong last week, the country's senior financial regulators reaffirmed China's commitment to economic growth as a priority. Senior Chinese officials also sent similar messages at the China International Import Expo over the weekend. In the "fireside chat" section, senior officials from China's securities and foreign exchange regulators will talk about promoting the opening-up of China's capital market, and facilitating cross-border investment.

Speculation is mounting that China may make substantial changes to its zero-COVID policy soon and begin opening the economy back up. Could a Chinese pivot on COVID replace the elusive Fed pivot on rates for investors, and spark a year-end rebound across world markets? Some of the moves in China and Hong Kong last week were remarkable. China stocksA Hong Kong summit last week in global banking showed the pent up appetite for investing in China. China also grabs the economic data spotlight on Monday, as Beijing releases its trade and FX reserves figures for October.

☆ China to launch market-making on tech-focused STAR Market on Monday
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign for STAR Market, China's new Nasdaq-style tech board, is seen after the listing ceremony of the first batch of companies at Shanghai Stock Exchange (SSE) in Shanghai, China July 22, 2019. REUTERS/StringerSHANGHAI, Oct 28 (Reuters) - China's Nasdaq-style STAR Market will officially launch market making on Monday, in a bid to make the tech-focused board more liquid, vibrant and resilient, the Shanghai Stock Exchange said. The STAR Market, home to some of China's biggest chipmakers, biotech companies and high-end manufactures, is tasked with funding Beijing's tech innovation amid growing Sino-U.S. rivalry. The Shanghai Stock Exchange said it will continue to improve market mechanisms to help China achieve tech independency and self-sufficiency. Regulators have approved 14 brokerages as the first batch of market makers, which actively quote in stocks, providing liquidity and depth to the market.

☆ China equity selloff not on fundamentals, creates opportunity - JPM
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

A men wearing a mask walk at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, as the country is hit by an outbreak of a new coronavirus, February 3, 2020. REUTERS/Aly SongOct 24 (Reuters) - Monday's selloff in Chinese equities does not correspond with fundamentals and creates an opportunity for investors, analysts at JPMorgan said on Monday. "We believe this is a good opportunity to add given an expected growth recovery, gradual COVID reopening, and monetary and fiscal stimulus," wrote the bank's analysts in a strategy note, adding that growth data in China was a positive surprise over the weekend. Hong Kong stocks (.HSI) fell 6.4% on Monday while a Shanghai index (.SSEC) dropped 2% after Xi Jinping's newly unveiled leadership team heightened fears that economic growth will be sacrificed for ideology-driven policies. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rodrigo CamposOur Standards: The Thomson Reuters Trust Principles.

☆ Big Chinese banks pledge enhanced support for economy as Xi sounds call for growth
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 17 (Reuters) - China's six largest state-owned banks vowed they will enhance support to the slowing economy, in response to President Xi Jinping's call for a high-quality economic growth at the opening of a critical Communist Party Congress. Their pledges of support came after Xi opened the once-in-five-year party Congress in Beijing with a speech on Sunday morning in which he said China would aim for high-quality economic growth and will unwaveringly support the private economy. The world's second-largest economy narrowly avoided contracting in the second quarter, weighed by widespread COVID-19 lockdowns and the slumping property sector. During the third quarter, banks ramped up credit support to property industry, infrastructure sector and small- and midsized businesses. China's big state-owned banks are usually the quickest to respond to the government's policy directions.

☆ Chinese regulator gives greenlight to fund targeting Korean chipmakers
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 10 (Reuters) - China's securities regulator has given the greenlight to the country's first mutual fund targeting top Chinese and South Korean chipmakers, an official at Huatai-PineBridge Fund Management Co said, amid an escalating Sino-U.S. tech war. The China Securities Regulatory Commission's approval comes amid heightened geopolitical tensions between the world's two largest economies. The exchange-traded fund (ETF) will invest in top Korean semiconductor firms including Samsung Electronics Co (005930.KS) and SK Hynix Inc (000660.KS), as well as Chinese chipmaking giants such as Semiconductor Manufacturing International Corp and Montage Technology Co (688008.SS). In 2021, South Korea was China's second-biggest exporting country in equipments, including chipmaking tools, and Chinese exports to South Korea have also been rising, the fund manager said. South Korea said on Saturday there would be no significant disruption to equipment supply for Samsung and SK Hynix's existing chip production in China from the U.S. move.

☆ Morning Bid: Dollar feeds on stress
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +3 min

And as a fourth 75 basis-point Fed rate hike is now fully priced yet again, the dollar's DXY index climbed again - and traders started to eye year-end trading stress too. read more read moreWith last week's warning from Advanced Micro Devices (AMD.O) and Micron Technology (MU.O) ringing in the ears, the chip sector shivered into the new week. The measures could amount to the biggest shift in U.S. policy on exporting technology to China since the 1990s. Returning after a week of closures, the broad Shanghai stock index was down 1.6%, Hong Kong was down almost 3% and the offshore yuan weakened against the dollar. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ China’s Communist Party Congress: What It Means for Business
▼ + stars: | 2022-10-08 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

The main task of China’s ruling elite at the party congress, a gathering that happens once every five years and typically lasts a week, will be to confirm the lineup of China’s leaders. Mr. Xi’s speech will be full of Communist Party ideological jargon and probably very long — his speech at the start of the last party congress, in 2017, lasted more than three hours. Domestic Ideology: ‘Common Prosperity’One of Mr. Xi’s favorite economic policy initiatives in recent months has a simple, innocuous-sounding name: “common prosperity.” The big question lies in what it means. Common prosperity, a longtime goal of the Communist Party, has been defined by Mr. Xi as reining in private capital and narrowing China’s huge disparities in wealth. And Mr. Xi has strongly discouraged speculation in housing, pushing instead for government subsidies for the construction of more rental apartments.

Persons: Xi, tycoons Organizations: Communist Party, Beijing Locations: Shanghai, China

☆ CIFI Holdings says it is seeking solutions after news of missed payment
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, Sept 28 (Reuters) - Chinese real estate developer CIFI Holdings (Group) (0884.HK) said the company is in active communication with financial institutions and seeking solutions, in response to news of missed debt repayment. Hong Kong-listed shares of CIFI tumbled more than 25% on Wednesday, and bonds also plunged, after credit intelligence provider Reorg reported that the Chinese developer missed payment of certain non-standard debt. The Shanghai Stock Exchange said trading in a CIFI bond was suspended due to abnormal fluctuations. Register now for FREE unlimited access to Reuters.com RegisterReporting by Shanghai Newsroom; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar stands alone as rate hikes rattle stocks
▼ + stars: | 2022-09-25 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

S&P 500 futures were flat after an initial wobble lower. The dollar made new highs on sterling, the euro and the Aussie in thin morning trade. Last week, stocks and bonds crumbled after the United States and half a dozen other countries raised rates and projected pain ahead. Register now for FREE unlimited access to Reuters.com RegisterThe Nasdaq (.IXIC) lost more than 5% for the second week running. Oil and gold steadied after drops against the rising dollar last week.

☆ New China ETFs test investor appetite amid Sino-U.S. tech war, market rout
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly SongSHANGHAI, Sept 23 (Reuters) - Five Chinese tech-focused ETFs launched on Friday, testing investor appetite for chipmakers, new materials producers and machine tool manufacturers amid an escalating Sino-U.S. tech war, and a global rout in tech shares. Two of the ETFs will invest money into the stocks of the 50 biggest chipmakers listed on Shanghai's STAR Market, including Semiconductor Manufacturing International Corporation (SMIC) (0981.HK) and Montage Technology Co (688008.SS). read moreIt also comes amid heightened geopolitical tensions and tech rivalries between China and the United States. The Biden administration took fresh steps in recent weeks to support domestic tech sectors and cut economic reliance on China, sending shares in Chinese biotech and new energy lower. Shanghai's tech-focused STAR Market - which Beijing hopes will fund China's tech self-sufficiency - has tumbled roughly 30% this year.

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