It comes after Chinese stocks advanced on Friday and boosted by consumer and healthcare firms. However, uncertainty over Sino-US trade talks weighed on sentiment. Chinese gains were boosted by consumer and healthcare firms today. The CSI300 index rose 1.2% to 4,734.11 points by the end of the morning session, while the Shanghai Composite Index gained 0.8% to 3,390.09 points.
Risk sentiment was supported by a series of strong first-half earnings from Chinese companies as Beijing ramped up plans to revive the economy savaged by the COVID-19 crisis. Electronic components maker Goertek Inc neared a record high while Focus Media Information surged by the 10% daily trading limit after both companies posted strong earnings for the first half. Market participants were also watching out for developments on trade talks between Washington and Beijing. The Trump administration on Thursday declined to acknowledge any plans to meet with China over the Phase 1 trade deal after the commerce ministry in Beijing said bilateral talks would be held “in the coming days” to evaluate the agreement’s progress.
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7.30am update: UK borrowing hits record level
Borrowing has now breached £150bn in the current financial year – a staggering £128.4bn more than between April and July last year.
It is the highest April-July total since records began in 1993.
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