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China Stock Selloff Eases After $446 Billion in Value Wiped Out
(Bloomberg) -- A rout in Chinese stocks took a breather as bargain hunters emerged after geopolitical tensions wiped out about $446 billion in value for mainland shares this month.
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A Hang Seng gauge of Chinese stocks listed in Hong Kong edged higher early Wednesday, while an index of the nation’s tech shares rose for the first time in more than a week. The benchmark CSI 300 trimmed a 0.6% loss and the offshore yuan rebounded from an almost seven-week low versus the dollar.
Sentiment has taken a turn for the worse in recent days following a report that the US is preparing more steps to curb Beijing’s tech ambitions. That came on the top of signs of an uneven recovery, with investors questioning the attractiveness of Chinese assets when the nation’s economic ties with the US are quickly deteriorating.
READ: US-Listed China Stocks See $100 Billion Wipeout in Jittery Month
April’s rout has tested bulls’ optimism that Chinese stocks will soon resume their second leg of the reopening rally. US-listed Chinese stocks have lost over $100 billion in market value this month.
All eyes are now on China’s Politburo, the nation’s top decision-making body, which is expected to gather this week to discuss economic priorities. Economists expect Beijing to turn its policy focus to boosting business confidence and increasing jobs without adding extra stimulus.
--With assistance from Ishika Mookerjee.
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