China’s stock market returned from the week-long Lunar New Year break in chipper mood, playing catch-up with a rally in Hong Kong, and with sentiment boosted by some better economic news. The Shanghai Composite index
CN:SHCOMP
jumped 1.6% on Monday after data showed that more than 61 million rail journeys were taken by citizens during the six days of the national holiday, a 61% bounce on the year before and the most in the past five years, according to Bloomberg.
Domestic tourism spending surged 47.3% to 632.7 billion yuan ($88 billion) from the same holiday period in 2023, according to the Ministry of Culture and Tourism. The increase in holiday activity and spending suggested China’s households are starting to feel more confident after a period of weak consumption and relatively anemic GDP growth as the world’s second biggest economy struggles with deflationary pressures and a struggling property market. Mainland China stock markets had been closed since Feb. 9, with the Shanghai Composite having fallen more than 12% in the year to date after hitting a four-year low earlier in February, when investors became frustrated at the lack of a big fiscal boost by Beijing. However, during the Shanghai Composite’s hiatus, the Hang Seng in Hong Kong
HK:HSI,
which returned from holiday on Feb. 14, rebounded 3.8% and this suppo …
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CN:SHCOMP
jumped 1.6% on Monday after data showed that more than 61 million rail journeys were taken by citizens during the six days of the national holiday, a 61% bounce on the year before and the most in the past five years, according to Bloomberg.
Domestic tourism spending surged 47.3% to 632.7 billion yuan ($88 billion) from the same holiday period in 2023, according to the Ministry of Culture and Tourism. The increase in holiday activity and spending suggested China’s households are starting to feel more confident after a period of weak consumption and relatively anemic GDP growth as the world’s second biggest economy struggles with deflationary pressures and a struggling property market. Mainland China stock markets had been closed since Feb. 9, with the Shanghai Composite having fallen more than 12% in the year to date after hitting a four-year low earlier in February, when investors became frustrated at the lack of a big fiscal boost by Beijing. However, during the Shanghai Composite’s hiatus, the Hang Seng in Hong Kong
HK:HSI,
which returned from holiday on Feb. 14, rebounded 3.8% and this suppo …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]