Chinese markets fail to latch on to a global rally as MSCI’s gauge of stocks hits a new high
A pedestrian walks past an electronic screen displaying the Hang Seng Index, left, and the Hang Seng China Industry Top Index in Hong Kong. Picture: BLOOMBERG/CHAN LONG HEI
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.26% while Japan’s Nikkei slid 0.5%, albeit from a month high reached the day before. An index tracking Hong Kong listed mainland Chinese developers slipped 1.5%, and spreads on Chinese high-yield dollar debt hovered near record highs.In contrast, Australia’s S&P/ASX 200 index was set to notch its best week since late May, and was up 0.5% on the day.
The gains came even after the US Federal Reserve on Wednesday finally announced that it would begin tapering its huge asset purchase programme, though Fed chair Jerome Powell said he was in no rush to hike borrowing costs. One of the bigger surprises this week came from the Bank of England’s shock decision on Thursday to defer an interest rate hike.
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