China’s CSI 300 index of top stocks has remained flat this week, despite better than expected figures for retail sales and industrial production.
| Foreign investors have dumped a further 23 billion yuan of Chinese equities so far this month following record outflows in August, despiteSelling through China’s Stock Connect schemes, which allow foreign investors to trade onshore equities, has been at a slower pace so far than during the previous month, when $US12 billion worth of stocks were sold through them. Yet, Chinese equity markets are still on track for one of their biggest net monthly outflows this year.
Industrial production rose 4.5 per cent year-on-year in August. Retail sales, a gauge of spending that had remained consistently weak, added 4.6 per cent. Both measures came in higher than analysts had forecast, and exceeded growth rates reported for them in July of 3.7 and 2.5 per cent respectively.The manufacturing sector PMI for August also came in marginally higher than expectations, ticking up to 49.7 from 49.
Other investors flagged domestic issues, such as slumping house prices and high levels of local government debt, as signalling that economic woes could continue. He said that, while hopes for a “bazooka” stimulus following China’s Politburo meeting in July had been dashed, the government would need to continue to unveil “incremental measures” to support equities, such as more efforts to boost the property market and incentives to increase consumption.
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