On Monday afternoon the Chinese mainland stocks rose by a fair margin on the back of good results posted by the industrial output and the increase in retail sales. The two most important parameters to judge the economy have raised more than expected in November.
The Shanghai composite rose by 0.56%to 2984.39 while the Shenzhen component rose 1.54% to 10158.24. The Shenzhen composite bounced back by 1.56% to 1686.41. The CHiNext rose by almost 2% to 2090.14. Hang Seng the Hong Kong was however down by 0.34% during the last trading hour of the day.
On a year-to-year basis, the industrial production in China rose by 6.2% in November while the growth rate was forecasted at 5%. Retail sales rose 8% on a year-to-year basis while the forecast was at 7.6%, the data released by China’s National Bureau of Statistics said.
The Asian markets’ reaction to the news that the US and China have made the first round of trade talks was mixed.
The Australian index S&P/ASX 200 which comprises of lead stocks of the company rose by 1.63% to 6849.70. The main contributors to this surge were the banks and the mining companies.
Japan’s Nikkei fell a short margin by 0.29% to 23952.35 after bouncing back on Friday. The Topix index declined to 0.18% to 1736.87. Coming to its neighbors South Korea the Kospi index fell by 0.1% to 2168.15.
Coming to the news on the US-China trade agreement it was told that the first round of trade talks between the two countries had been completed on Friday. It is a give and take policy from both sides where the US has agreed to buy Chinese goods while the Chinese have agreed to buy agricultural and other products from the US. Robert Lighthizer said that over the next two years the US will double its exports to China.