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China’s stocks rose for the first time in five days after a government report showed inflation slowed more than estimated last month.
TCL Corp., a television maker, advanced to the highest level in 21 months after the company estimated first-quarter net profit may have jumped eightfold. SAIC Motor Corp., the biggest Chinese automaker, climbed 1.7 percent after reporting a 17 percent gain in sales last month. Hualan Biological Engineering Inc. led a decline for health-care companies.
The Shanghai Composite Index (SHCOMP) added 0.4 percent to 2,221.42 at the 11:30 a.m. local-time break. The CSI 300 Index (SHSZ300) rose 0.6 percent to 2,486.31. The Hang Seng China Enterprises Index surged 1.8 percent. Consumer prices rose 2.1 percent in March from a year earlier, the National Bureau of Statistics said, compared with the 2.5 percent median estimate of 38 analysts surveyed by Bloomberg.
“CPI is lower than expected and stocks are recovering after a big decline yesterday as worries about the bird flu and property measures are being priced in,” Huang Cendong, an analyst at Tebon Securities Co., said in Shanghai. “Stocks are reaching a bottom and I would expect a proper rally soon.”
The Shanghai index has fallen 2.1 percent this year amid concern steps to cool property prices will drag on economic growth. Larger Chinese cities including Shanghai and Guangzhou are expected to follow Beijing in raising down payment requirements for second homes, the China Securities Journal reported today, citing unidentified people.
Inflation Data
TCL gained gained 3.7 percent to 2.75 yuan. The company said first-quarter profit may have risen between 670 percent and 710 percent from a year ago. SAIC advanced 1.7 percent to 14.98 yuan after saying March vehicle sales rose 17.4 percent from a year earlier.
Today’s economic report also showed producer prices fell 1.9 percent from a year earlier, the 13th straight decline, compared with the median estimate of a 1.9 percent drop in a Bloomberg survey of 32 economists. Food costs rose 2.7 percent in March from a year earlier, less than half of February’s 6 percent pace.
“Today’s reading will definitely help alleviate the inflation and monetary tightening concerns” that were triggered by February inflation of 3.2 percent, Bank of America Corp. economist Ting Lu wrote in a report today. He said Feburary inflation was distorted by the Lunar new year, while a government crackdown on excessive consumption was also helping to contain consumer-price gains.
China is targeting inflation of about 3.5 percent this year, then-Premier Wen Jiabao said in his final annual report to the legislature on March 5, lowering the goal from last year’s 4 percent. Slowing price gains are a boost for Premier Li Keqiang as he seeks to sustain a rebound from the economy’s weakest annual expansion in 13 years.
Trade Outlook
Trade data scheduled for tomorrow will probably show exports climbed 11.7 percent last month from a year ago. Exports rose 21.8 percent in February from a year ago, customs bureau data showed on March 8, beating the median estimate of 8.1 percent in a Bloomberg News survey.
China’s unprecedented run of better-than-forecast export growth has spurred deeper skepticism of the data at banks including Goldman Sachs Group Inc., casting doubt on the strength of the recovery.
Gains in overseas shipments exceeded forecasts by at least 7.5 percentage points in December, January and February, the first time that’s happened in three straight months in the eight years Bloomberg has compiled analyst estimates for the data.
Drugmakers Fall
The Shanghai Composite fell to the lowest level since Dec. 27 yesterday on concern the H7N9 bird flu outbreak will hurt the nation’s economic recovery. The death toll from the influenza rose to seven today, while the infection tally increased to 24.
Consumers should avoid markets where poultry is butchered as authorities increase monitoring for the new influenza strain, Feng Zijian, head of emergency response at the Chinese Center for Disease Control and Prevention, said in Beijing.
A gauge of health-care stocks in the CSI 300 fell 1.7 percent, the most among 10 industry groups. Hualan Biological slid 4.9 percent to 24.61 yuan. There is “no need to panic” over the bird flu as the World Health Organization has not found any evidence of virus transmission between humans as in the case of SARS, or severe acute respiratory syndrome, in 2003, Fortune CLSA Securities analysts led by Zen Zhou wrote in a report today.
Solar Companies
The Shanghai gauge’s trading volume was 17 percent lower than the 30-day average today, while its 100-day volatility was within 1 percent of the one-year high of 20 set on March 28, according to data compiled by Bloomberg. Valuations have fallen to 9.1 times projected 12-month earnings, the lowest level since Dec. 13 and less than the seven-year average of 15.8, data compiled by Bloomberg show.
The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese companies in the U.S. rose 0.4 percent in New York, as solar manufacturers rallied on a report that billionaire Warren Buffett may be interested in buying Suntech Power Holdings Co. after the company was forced into bankruptcy.
Suntech jumped as much as 28 percent after a news service owned by Hong Kong Economic Times said Buffett’s MidAmerican Energy Holdings Co. may buy the solar panel maker, citing an unidentified person. Trina Solar Ltd. surged the most in two months. SouFun Holdings Ltd. slumped a second day. The iShares FTSE China 25 Index Fund (FXI), the largest Chinese exchange-traded fund (FXI) in the U.S., closed little changed.
TCL Corp., a television maker, advanced to the highest level in 21 months after the company estimated first-quarter net profit may have jumped eightfold. SAIC Motor Corp., the biggest Chinese automaker, climbed 1.7 percent after reporting a 17 percent gain in sales last month. Hualan Biological Engineering Inc. led a decline for health-care companies.
The Shanghai Composite Index (SHCOMP) added 0.4 percent to 2,221.42 at the 11:30 a.m. local-time break. The CSI 300 Index (SHSZ300) rose 0.6 percent to 2,486.31. The Hang Seng China Enterprises Index surged 1.8 percent. Consumer prices rose 2.1 percent in March from a year earlier, the National Bureau of Statistics said, compared with the 2.5 percent median estimate of 38 analysts surveyed by Bloomberg.
“CPI is lower than expected and stocks are recovering after a big decline yesterday as worries about the bird flu and property measures are being priced in,” Huang Cendong, an analyst at Tebon Securities Co., said in Shanghai. “Stocks are reaching a bottom and I would expect a proper rally soon.”
The Shanghai index has fallen 2.1 percent this year amid concern steps to cool property prices will drag on economic growth. Larger Chinese cities including Shanghai and Guangzhou are expected to follow Beijing in raising down payment requirements for second homes, the China Securities Journal reported today, citing unidentified people.
Inflation Data
TCL gained gained 3.7 percent to 2.75 yuan. The company said first-quarter profit may have risen between 670 percent and 710 percent from a year ago. SAIC advanced 1.7 percent to 14.98 yuan after saying March vehicle sales rose 17.4 percent from a year earlier.
Today’s economic report also showed producer prices fell 1.9 percent from a year earlier, the 13th straight decline, compared with the median estimate of a 1.9 percent drop in a Bloomberg survey of 32 economists. Food costs rose 2.7 percent in March from a year earlier, less than half of February’s 6 percent pace.
“Today’s reading will definitely help alleviate the inflation and monetary tightening concerns” that were triggered by February inflation of 3.2 percent, Bank of America Corp. economist Ting Lu wrote in a report today. He said Feburary inflation was distorted by the Lunar new year, while a government crackdown on excessive consumption was also helping to contain consumer-price gains.
China is targeting inflation of about 3.5 percent this year, then-Premier Wen Jiabao said in his final annual report to the legislature on March 5, lowering the goal from last year’s 4 percent. Slowing price gains are a boost for Premier Li Keqiang as he seeks to sustain a rebound from the economy’s weakest annual expansion in 13 years.
Trade Outlook
Trade data scheduled for tomorrow will probably show exports climbed 11.7 percent last month from a year ago. Exports rose 21.8 percent in February from a year ago, customs bureau data showed on March 8, beating the median estimate of 8.1 percent in a Bloomberg News survey.
China’s unprecedented run of better-than-forecast export growth has spurred deeper skepticism of the data at banks including Goldman Sachs Group Inc., casting doubt on the strength of the recovery.
Gains in overseas shipments exceeded forecasts by at least 7.5 percentage points in December, January and February, the first time that’s happened in three straight months in the eight years Bloomberg has compiled analyst estimates for the data.
Drugmakers Fall
The Shanghai Composite fell to the lowest level since Dec. 27 yesterday on concern the H7N9 bird flu outbreak will hurt the nation’s economic recovery. The death toll from the influenza rose to seven today, while the infection tally increased to 24.
Consumers should avoid markets where poultry is butchered as authorities increase monitoring for the new influenza strain, Feng Zijian, head of emergency response at the Chinese Center for Disease Control and Prevention, said in Beijing.
A gauge of health-care stocks in the CSI 300 fell 1.7 percent, the most among 10 industry groups. Hualan Biological slid 4.9 percent to 24.61 yuan. There is “no need to panic” over the bird flu as the World Health Organization has not found any evidence of virus transmission between humans as in the case of SARS, or severe acute respiratory syndrome, in 2003, Fortune CLSA Securities analysts led by Zen Zhou wrote in a report today.
Solar Companies
The Shanghai gauge’s trading volume was 17 percent lower than the 30-day average today, while its 100-day volatility was within 1 percent of the one-year high of 20 set on March 28, according to data compiled by Bloomberg. Valuations have fallen to 9.1 times projected 12-month earnings, the lowest level since Dec. 13 and less than the seven-year average of 15.8, data compiled by Bloomberg show.
The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese companies in the U.S. rose 0.4 percent in New York, as solar manufacturers rallied on a report that billionaire Warren Buffett may be interested in buying Suntech Power Holdings Co. after the company was forced into bankruptcy.
Suntech jumped as much as 28 percent after a news service owned by Hong Kong Economic Times said Buffett’s MidAmerican Energy Holdings Co. may buy the solar panel maker, citing an unidentified person. Trina Solar Ltd. surged the most in two months. SouFun Holdings Ltd. slumped a second day. The iShares FTSE China 25 Index Fund (FXI), the largest Chinese exchange-traded fund (FXI) in the U.S., closed little changed.
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