Started by PocketOption, Jan 31, 2023, 10:31 am
0 Members and 1 Guest are viewing this topic.
A-shares hovered near bull market territory during the Lunar New Year holiday in China.
The CSI 300, which tracks shares of the largest listed companies in Shanghai, closed Monday at 4,211.35 – up 19.75% from its last low of 3,507.7 on Oct. 31 last year.
A bull market is when the current stock is up at least 20% from its recent low.
China’s markets did not operate for a week to celebrate the Lunar New Year holiday. Official data showed that travel and consumption spending rose significantly from a year ago. National tourism revenue should rise 30% from 2022 to 375.844 billion yuan, although it lagged behind spending in 2019, before the global pandemic.
The ChinaAMC CSI 300 Index ETF, which tracks its performance, is up 18.5% from its October low.
China’s premier vowed to make consumption “the main driver of the economy,” according to a meeting over the weekend. He also emphasized the importance of growth, employment, and stabilization of foreign trade at the meeting.
Europe’s top luxury companies, the top performers on the region’s stock market, could easily see higher gains in 2023, apparently driven by a recovery in Chinese spending. Still, the sector looks too expensive for some.
Famous French luxury giant and Louis Vuitton owner LVMH and Swiss jewelry company Richemont have taken advantage of the needs of their wealthy customers against the cost of living crisis.
China’s decision to allow more normal activity in 2023 and lift its strict COVID-19 restrictions has further boosted the sector.
The European luxury goods retail index is up about 18.5% this year, outperforming the broader pan-European STOXX 600, which is up 6.4% over the same time.
The European luxury brand has historically traded at a large premium to the broader global market but has widened further in recent years. At 24 times forward 12-month earnings, its current premium of 82.5% is nearly double the 20-year average.
The post Chinese Stocks Are Near Market Highs appeared first on FinanceBrokerage.
Page created in 0.415 seconds with 16 queries.