As the stock market remains sluggish despite the government’s efforts — alongside brokerages, fund managers, sovereign wealth funds and some listed firms — to bolster Chinese equities, some investors are now looking at buying homes and withdrawing some money in stocks, according to a recent survey.
If you need proof that money indeed has been unleashed into China’s equities market, look no further than the country’s top ETF, which rose more than 6% Monday, while the Shanghai Composite Index finished 2.4% higher.
Overnight, things are not looking well. U.S. stocks and oil prices fell, while the Greek drama has yet to find a climax. So expect a cautious session at the stock markets in the region, though according to CNBC there could be some bounce in equities, including Japanese shares. Read on…
Asian shares may recover slightly despite Wall Street’s weak overnight performance. The Nikkei may rise after futures in both Chicago and Osaka traded above its previous session’s closing level of 20,112. Investors will be awaiting for the release of Samsung Electronics earnings guidance for the second quarter, as well as the results of the central bank meeting in Australia. CNBC
Chinese property market benefits from stock market rout. Investors are now looking at reducing their stock portfolio and use their money buying homes, according to a recent China Household Finance Survey. The Wall Street Journal (paywall)
China’s largest ETF soars. China 50 ETF surged more than 6% Monday in record volume of transactions after the country’s brokerages, mutual funds and sovereign wealth funds unleashed funds into the stock market, particularly on blue-chip firms. The ETF buys shares in the top 50 firms listed in Shanghai. South China Morning Post (paywall)
Boston bomber wants new trial. Condemned Boston Marathon bomber Dkhokhar Tsarnaev filed a motion Monday to seek a new trial, citing a lack of evidence. Death row inmates often tie up legal procedures for years. Just three of the 74 sentenced to death for federal crimes in the U.S. since 1998 have been executed. Reuters
Chicago rocked by violence. The holiday weekend left 10 people dead and more than 50 wounded from gun violence in Chicago. One of the victims, 7-year-old Amari Brown, was shot in the chest by a bullet meant for father, a known gang member. The shootings were down from last year when 16 people were killed and 80 more were injured. BBC
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