"Chinese markets continued to show resilience today, with improved PMI surveys offering a glimmer of hope for the broader economy. The latest manufacturing PMI climbed to a six-month high of 49.8, edging closer to the key 50 threshold after a six-month period of contraction. The data, coupled with renewed optimism around Chinese tech stocks, helped the Hang Seng rise 0.9%, with traders increasingly viewing Chinese AI names as a means to diversify from the Mag7 names."
"Market sentiment is also being supported by expectations of further government stimulus, while the trade breakdown with the United States has been less harsh than many had anticipated. Oil prices are under pressure once again as geopolitical risk premia begin to unwind. The announcement of a 20-point Gaza peace plan laid out by Donald Trump has raised some hope of a potential end to the crisis, weighing on crude."
"The proposed deal includes disarmament of Hamas and redevelopment of Gaza under a two-state framework. While scepticism remains high over the feasibility of rebuilding Gaza and managing the displacement of people, any progress towards agreement would mark an important step toward de-escalation. With OPEC+ set to raise the production quota for November this week, China's manufacturing PMI still showing contraction, and the potential for regional tensions to ease,"
Chinese manufacturing PMI rose to 49.8, a six-month high, narrowing the gap to the 50 expansion threshold and supporting market resilience. Renewed optimism in Chinese tech and AI stocks helped lift the Hang Seng by 0.9% as investors seek diversification from Mag7 names. Sentiment benefits from expectations of further government stimulus and a less severe trade breakdown with the United States. Oil prices eased as geopolitical risk premia unwound following a 20-point Gaza peace plan announcement, while OPEC+ plans to raise November quotas. US markets face government-shutdown risk, which could disrupt economic data reporting and increase short-term volatility.
Read at London Business News | Londonlovesbusiness.com
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