SHANGHAI: China stocks edged up on Tuesday, tracking regional markets higher ahead of a chorus of Federal Reserve officials due to speak later in the day, while Hong Kong shares slipped.
Global investors are looking to a slew of speakers from the Federal Reserve for more clues on the central bank’s rate-cutting trajectory following last week’s decision to stay pat on policy.
Data on Monday showed China’s May industrial output lagged expectations, with the property sector still weak, putting more pressure on Beijing for policy support to shore up growth. But retail sales beat forecasts thanks to a holiday boost.
China stocks edge up, HK shares fall
“China’s economic growth does not appear likely to improve substantially in the coming months, though it is also not weak enough to trigger a government response, meaning market participants will be once again waiting for more policy support to arrive,” Gavekal Dragonomics analysts said in a note.
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At the midday break, the Shanghai Composite index was up 0.36% at 3,026.61 points.
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China’s blue-chip CSI300 index was up 0.27%, with its financial sector sub-index higher by 0.36%, the consumer staples sector down 0.71%, the real estate index down 0.59% and the healthcare sub-index down 0.45%.
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Chinese H-shares listed in Hong Kong fell 0.1% to 6,366.94, while the Hang Seng Index was down 0.18% at 17,903.06.
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The smaller Shenzhen index was up 0.67%, the start-up board ChiNext Composite index was higher by 0.62% and Shanghai’s tech-focused STAR50 index was up 0.48%.
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Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.68%, while Japan’s Nikkei index was up 0.89%.
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