S&P “..and the commodity channel index looking set to turn down. This is not a bullish picture’ Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Shanghai and Shenzhen shares soar Infrastructure boost

Late yesterday Chinese state owned news agency Xinhua said that local governments and financial institutions were ‘’encouraged to use special bonds and other market-based financing methods to support key areas and major projects’’. The CSI 300 index rallied 2.3 per cent by lunch time.

The Financial Times reports that former chief economic advisor to the Indian government, Arvind Subramanian, published a research paper at Harvard University’s Kennedy School, claiming that economic growth had been overstated. ‘’The heady narrative of guns-blazing India – that statisticians led us to believe – may have to cede to a more realistic one of an economy growing solidly but not spectacularly’’. GDP growth between 2011 and 2017 was more likely to be in the 4.5 per cent range rather than the 7 per cent originally published, which explains the country’s jobless growth.

Financial Markets and Political Commentary
 

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