Bloomberg News

China’s Stock-Index Futures Little Changed Before Economic Data

December 09, 2013

China’s stock-index futures were little changed before the release of November data including industrial production and fixed-asset investment today.

Futures on the CSI 300 Index (SHSZ300) expiring in December slid less than 0.1 percent to 2,463.00 as of 9:21 a.m. local time. Qingdao Haier Co. (600690), China’s biggest refrigerator maker, may move after Alibaba Group Holding Ltd. agreed to invest HK$2.82 billion ($364 million) in its affiliates. Shanghai International Port (Group) Co. may move on plans to buy a stake in Bank of Shanghai Co.

The Shanghai Composite Index (SHCOMP) climbed 0.1 percent to 2,238.20 yesterday after data showed export growth exceeded economists’ estimates and inflation eased more than expected. Trading volumes in the measure were 16 percent lower than the 30-day average, according to data compiled by Bloomberg.

The CSI 300 Index declined 0.1 percent to 2,450.87. The Hang Seng China Enterprises Index (HSCEI) gained 0.5 percent. The Bloomberg China-US Equity Index, the measure of the most-traded U.S.-listed Chinese companies, fell 0.5 percent in New York.

The Shanghai Composite has climbed 4.8 percent since the government vowed on Nov. 15 to allow more private investment in state-controlled industries and loosen its one-child policy in the most sweeping reforms in two decades. It trades at 8.7 times projected profit for the next 12 months, compared with the seven-year average of 15.2, data compiled by Bloomberg showed.

The National Bureau of Statistics is due to release November data on industrial output, retail sales and fixed-asset investment at 1:30 p.m. today.

Industrial Production

Growth in industrial production probably slowed to 10.1 percent in November from 10.3 percent a month earlier, according to the median estimate of 44 economists in a Bloomberg survey. Retail sales growth may have eased to 13.2 percent from 13.3 percent, according to a separate survey by Bloomberg.

The People’s Bank of China will announce November new loans and money supply as early as today.

Local Chinese governments are speeding up the introduction of state-owned company reform plans that give the market a decisive role in resource allocation, the Shanghai Securities News reported today on its front page. Shanghai may release its plan next week, the report said.

Alibaba Investment

Qingdao Haier will resume trading today after being suspended since Dec. 5. Alibaba will pay HK$541 million for a 9.9 percent stake in Qingdao Haier Logistics Co. and HK$965 million for about 2 percent of Haier Electronics Group Co., according to a stock-exchange filing.

Shanghai Port may be active. The port operator plans to pay up to 4.6 billion yuan ($757.5 million) for shares of Bank of Shanghai in a private placement, according to an exchange statement.

Chinese equities slid in New York as Yanzhou Coal Mining Co. (YZC:US) fell to a three-week low on concern China’s increasing air pollution may push the government to curb the use of the fuel.

American depositary receipts of Yanzhou Coal sank 2.7 percent while China Eastern Airlines Corp. (CEA:US) declined to a two-week low as Shanghai’s worst smog on record caused flight delay and cancellations. E-Commerce China Dangdang Inc. slumped the most in three weeks.

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net


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Companies Mentioned

  • YZC
    (Yanzhou Coal Mining Co Ltd)
    • $7.98 USD
    • -0.17
    • -2.13%
  • CEA
    (China Eastern Airlines Corp Ltd)
    • $21.17 USD
    • -0.41
    • -1.94%
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