Global Market Report - March 5

China markets moved higher as the Government promised more stimulus in its annual report, while US stock futures point to a modest rise at the open on Tuesday

James Gard 5 March, 2019 | 10:43AM

Global Market Report

Asia

After breaking through 3,000 points yesterday, the Shanghai Composite Index pushed higher, closing up nearly 1% at 3,054 points. Shenzhen’s Component Index was even higher in percentage terms, gaining over 2% to 9,505 points.

The gains game despite the lack of concrete news on a China-US trade deal, and mixed reports from the Chinese Government’s Work Report. The GDP growth target is now in a range between 6% and 6.5% for 2019, effectively a lowering of the more precise 6.5% target. The Government has promised to cut taxes and boost lending to fight the “tough economic battle” ahead.

According to the Caixin PMI survey, the Chinese services sector is still expanding – unlike the manufacturing sector – but the index came in below forecasts at 51.1.

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James Gard  is content editor for Morningstar.co.uk

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