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10 October 2018, 08:30 | Austin Hogan
Behemoth oil stock the lone hero as China’s stocks rebound
Friday's US non-farm payrolls showed job creation slowed in September, likely from Hurricane Florence's impact on restaurant and retail payrolls, but the Labor Department report also showed a rise in wages that could keep the Federal Reserve on track for more interest rate hikes.
China will cut the measure of trade banks must hold out save as a major aspect of endeavours to help its economy, in the midst of a heightening exchange war with the US.
The real jumped 3.4 percent at one point before paring gains to trade at less than a 2 percent rise, and the Bovespa index jumped 4.69 percent. Last week, Hong Kong's Hang Seng slumped 4.4 per cent as investors anxious about the escalating trade row. The Philippine Stock Exchange Index fell 27.38 points, or 0.4 percent, to 7,050.82 on a value turnover of almost P4 billion.
Yesterday, the People's Bank of China (PBOC) announced a 100-basis-point cut to banks' reserve requirement ratio, stepping up efforts to support the economy and calm market worries.
Telecoms equipment maker ZTE led tech shares downward on Monday, falling 8.14% to 16.81 yuan after a Bloomberg News report last week said China had inserted special microchips into computer goods exported to the USA to steal technology secrets.
Chinese stocks plunged Monday, with the China A50 index losing more than 4.8% in trading. Shenzhen-listed shares of ZTE Corp tumbled more than 6 percent.
The central bank said Sunday it had released 750 billion yuan ($109 billion) for additional lending by reducing bank reserve requirements by 1 per cent.
Beijing has increasingly geared its policies toward supporting exporters and persuading banks to offer more loans to small and medium-sized firms, which account for the bulk of the country's jobs, by lowering banks' RRRs. "Liquidity is not the issue".
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"In our view, the performance of external markets may hamper the near-term sentiment uplift of the RRR cut, so the effect may not be obvious", Gao Ting, Head of China Strategy at UBS Securities, said in a note.
The US Federal Reserve move to increase the interest rates also sparked fears of more capital outflows from China.
PetroChina's Shanghai-traded shares have gained 14 per cent this year, beating an 18 per cent loss on the broader benchmark index.
The 30-year Treasury bond reached a four-year high of 3.424 percent, and was at 3.4054 percent at the USA close on Friday. "The narrowing interest rate differentials between China and the USA will exert more downward pressure on the RMB", wrote Nathan Chow, strategist at DBS Group Research.
The spot market opened at 6.9000 per dollar and was changing hands at 6.8979 at midday, 254 pips away from the previous late session close and 0.03 percent away from the midpoint.
Sixteen strategists see the yuan weakening to 7 to the dollar or higher at some point over the 12-month period, the highest number of respondents in the Reuters poll predicting that since August 2017.
Coming on the final day of the National Day holiday, the South China Morning Post says "the central bank's announcement may also serve as a shot in the arm for the China's stock market when trading resumes on Monday morning".
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