Chinese stocks extend gains post-lunch break, CSI 300 up by over 5% now
The CSI 300 index is trading to its highest levels in more than five years
The rally today in Chinese stocks has been unrelenting. Investors are back from the lunch break and have turned 4% gains to over 5% gains now on the day in both the CSI 300 and Shanghai Composite indices.
The China bull is stoking the risk-on mood in markets
Chinese state media is pushing the narrative that a bull market is here
What is even more impressive is that trading volumes are surging, with daily turnover exceeding ¥1 trillion on Thursday and Friday last week - and likely to exceed that mark once again today. That represents a sign of surging risk appetite.
Risk-on to start the new week
For some context, WHO noted over 200,000 coronavirus cases in 24 hours across the globe on Saturday - a record figure.
It is still early in the day but so far the moves are pretty modest so let's see if that can keep pace as we get into the European trading
ForexLive Asia FX news wrap: Risk assets in favour to open the week
Forex news for Asia trading Monday 6 July 2020
A strong day for the risk trade across FX and Chinese equities with
any bad news shrugged off and good news (or even news not as bad as
expected) embraced. The US has become a global red-hotspot for
coronavirus outbreaks but the weekend numbers from
More weekend ECB comments - Villeroy says exceptional policy response "will be long-lasting"
Francois Villeroy de Galhau is head of the Bank of France and as such is on the European Central Bank policy baord
Said the coronavirus pandemic has permanently changed European economic policy. On the expansion of ECB measures (eg negative interest rates, QE, long-term bank loans)
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