China's equites rallied on stimulus hopes

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Source: Dukascopy Bank SA
Chinese equities rallied on Thursday amid hopes for easing measures in the US and China. On Wednesday, the Fed hinted that QE3 is highly possible in the nearest term as recovery of the US economy is slowing. At the same time, China's government is expected to announce easing measures as manufacturing activity may have shrunk further in August. The Hang Seng Index skyrocketed 1.23% to close at 20,132.24. All sectors included in the index surged. The biggest jump posted consumer goods and telecommunications. Want Want China Holdings and Li & Fung soared 4.06% and 1.10% while China Mobile and China Unicom Hong Kong climbed 1.51% and 4.00%. Lenders also followed bullish trend, with Bank of China and Bank of Communications rising 1.36% and 1.56%. Meanwhile, Bank of China reported a 5.1% increase in Q2 profits whereas PetroChina posted a 21% slump in quarterly earnings after the bell.

 

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Thu, 23 Aug 2012 12:19:53 GMT

Germany preliminary PMI Manufacturing rises in August

Germany's PMI Manufacturing preliminary reading posted a 45.1 increase in August, after 43.0 point reading in previous month, Markit reported on Thursday. Analysts forecast a rise to 43.5. PMI Services dropped to 48.3 points, after 50.3 points in July and below estimates of a decline to 50.0 points.

Thu, 23 Aug 2012 15:08:34 GMT

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