Australian shares are set for an opening rise. Spot iron ore lifts 4pc. BHP, Rio Tinto gain as China worries ease. Tesla surges on Morgan Stanley call.
Australian shares are set to open higher, bolstered by gains in iron ore, oil and gold after the latest China data eased some concerns about the nation’s economic outlook.On Wall St at 1.30pm: Dow +0.3% S“China developments are helping global risk appetite in an otherwise quiet start to the week,” Scotiabank’s Derek Holt said.
China’s benchmark CSI 300 Index rose 0.7 per cent on Monday, snapping a four-session losing streak. The yuan also rallied after falling to its weakest since 2007 against the dollar last week as the People’s Bank of China issued forceful guidance and stressed its confidence in keeping the yuan stable.In a note, Goldman Sachs expressed general optimism about Chinese equities through the rest of 2023. However, it tipped that the nation’s property woes are a major hurdle.
“As such, until the housing market finds a new equilibrium in terms of supply/demand and market clearing prices, probably with the help of policy and government intervention, we believe scepticism about China’s near-to-medium term growth trajectory will continue to dominate the investment narrative, therefore challenging investor appetite to engage strategically and pay for long-term growth in Chinese assets, in our view.
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