Market Report – China Rallies

In today’s market report… China’s volatile share market stabilized after an early week tumble.

After a near 7 percent market slide Monday shook global stocks, Chinese prices recovered somewhat after a purchasing managers‘ index rose to a 16-month high. Output, new orders, imports and employment all showed strength.

Still, concerns remain after August saw the second biggest monthly share market loss in 15 years. It comes amid persistent fears China wants to reign in bank lending.

In Hong Kong, news of China’s biggest investment yet in one of the world’s largest untapped oil regions lifted shares of PetroChina, the world’s most valuable oil company.

PetroChina is set to pay $1.7 billion for a 60 percent stake in two planned Canadian oil sands projects. Crude didn’t change much… at $70 a barrel after a 4 percent fall overnight with focus on Chinese demand ahead.

Elsewhere, Asian markets took heart from China’s mild market rebound, while in Seoul top carmaker Hyundai rose. That’s despite news South Korean exports in August saw a double-digit annual decline for the 10th month in a row.

(NTDTV)