SHANGHAI: Mainland China and Hong Kong stocks edged higher on Wednesday, poised to break a two-day losing streak, as investors assessed delayed US economic data for clues on the Federal Reserve’s policy path next year.
At the midday break, the benchmark Shanghai Composite index climbed 0.17% after notching its lowest close in two months a day earlier. The blue-chip CSI300 index rose 0.58%.
In Hong Kong, the benchmark Hang Seng Index gained 0.22%, while the city’s tech index was largely flat.
US job growth rebounded more than expected in November after government-related spending cuts triggered the biggest drop in nonfarm payrolls in nearly five years in October, suggesting no material deterioration in labor market conditions as businesses navigate economic uncertainty wrought by President Donald Trump’s aggressive trade policy.
“That said, the report was mixed and not dramatically weak enough to add to rate cut expectations,” said Christopher Wong, FX strategist at OCBC.
MetaX Integrated Circuits shares spiked 700% on their market debut on Wednesday, as investors sought to benefit from a government push to reduce reliance on AI chips from US majors Nvidia and Advanced Micro Devices.
China Vanke sought to extend the grace period for a 2 billion yuan ($283.93 million) bond payment to 30 trading days, from the current five, a filing showed on Tuesday.
Property shares continued their downward trend, with CSI 300 Real Estate falling for the fifth straight session. By midday, it had dropped 0.8%.
On trade front, China has lived up to every part of trade negotiations so far, US Treasury Secretary Scott Bessent told Fox Business Network, adding that the Trump administration would like to see China rebalance on trade.
“China arguably came out slightly ahead in this year’s round of the endless trade war with President Trump, but the underlying tensions and rivalry will persist,” Pantheon Macroeconomics said in a note.
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