Investors are anticipating insights from China’s Finance Ministry during a scheduled press briefing on October 12, where details on the country’s fiscal policy adjustments geared towards fostering economic revival will be revealed.
Set for 10:00 local time, this briefing holds significance as it aims to introduce specific measures to bolster China’s economic recovery. The market will be keenly observing any potential stimulus initiatives or fiscal reforms that could impact China’s economic trajectory and resonate with global market sentiments.
This press briefing comes on the heels of market disappointment following the recent press conference by the National Development and Reform Commission, China’s primary economic planner. Traders had hoped for a significant boost, which was not forthcoming, leading to initial market upticks followed by a loss in momentum post-briefing.
Consequently, the mainland CSI 300 index experienced a notable decline of 7.05% on Wednesday, breaking a 10-day winning streak, with the Shanghai Composite also plunging by 6.62%. In Hong Kong, the Hang Seng index recorded a 1.7% drop during its final hour of trade in a volatile session. These declines follow a significant 9.41% decrease in the HSI on Tuesday, marking its worst performance in 16 years.
