[經濟廣角]中國股市昨日反彈 推動全球市場走高

Investors take heart as Shanghai bounces back

A powerful rebound for Chinese stocks offered an encouraging backdrop for global equity markets yesterday, although the broader risk environment was more mixed.

The Shanghai Composite index leapt 4.5 per cent – its biggest one-day rise since March – amid hopes of government action to support the market following its slide since the start of the month.

“China is currently being watched as a bellwether with concerns that the recent collapse in Chinese equities may act as a leading indicator for global equities,” said Sreekala Kochugovindan, asset allocation strategist at Barclays Capital.

“However, the latest bout of risk aversion has occurred against the backdrop of low volumes. History suggests that trends established during periods of low trading volumes have swiftly petered out once volumes picked up.”

Shanghai's advance helped other Asian equity markets rebound, with the Nikkei 225 in Tokyo rising 1.8 per cent and Hong Kong 1.9 per cent.

Europe followed suit, with the FTSE Eurofirst 300 gaining 1.4 per cent, while the S&P 500 was up 0.8 per cent by midday in New York.

US investors focused on the positives in what turned out to be a fairly mixed bag of economic releases. “It seems that more so than ever each trickle of data has even greater meaning attached to it at present,” said Andrew Wilkinson, senior market analyst at Interactive Brokers.

“That's probably due to the growing wariness over whether the patchwork quilt sewn together by government and central banks is sufficient to warm the consumer until artificial demand can be adequately replaced by genuine consumer demand.”

中國股市昨日強勁反彈，爲全球股市提供了令人鼓舞的背景，不過各地風險環境的差異變得更大。

上證綜指大漲4.5%，創3月份以來的最大單日漲幅，因市場認爲，隨着本月初以來股市一路下行，政府有望採取行動託市。

“人們正把中國當作領頭羊加以關注，擔心近期中國股市大跌，可能成爲全球股市的先行指標，”巴克萊資本(Barclays Capital)的資產配置策略師斯瑞卡拉•科丘戈文丹(Sreekala Kochugovindan)表示。

“不過，最新這一輪避險行動，是在交投清淡的背景下發生的。歷史表明，在交投清淡時期確立的趨勢，一旦交投活躍起來，就會迅速瓦解。”

上海股市上漲，帶動亞洲其他市場反彈，日經225指數上漲1.8%，港股上漲1.9%。

歐洲富時Eurofirst 300乘勢上漲1.4%；紐約市場午盤，標普500指數上漲0.8%。

儘管美國近期公佈的經濟數據好壞不一，但投資者把注意力放在了利好數據上。“目前看來，這種情況比以往任何時候都明顯，每一丁點數據現在似乎都具有更多的含義，”盈透(Interactive Brokers)高級市場分析師安德魯•威爾金森(Andrew Wilkinson)表示。

“這大概是因爲，人們越來越在意，在真正的消費者需求徹底取代人爲製造的需求之前，政府和央行聯手縫製的被子是否足以爲消費者禦寒。”