Shanghai Higher, Conflicting Manufacturing Reports (FXI)
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The Shanghai composite rose 1.8% on Wednesday, driven by strong manufacturing data and statements by Chinese regulators saying they will cut trading fees.
FXI (NYSE: FXI), an ETF that measures the performance of the largest companies in the China is up 5 percent year to date. Overall, returns in Shanghai have trailed the U.S. so far this year.
Data on China's manufacturing sector have been somewhat conflicting. Official PMI from the government has shown growth of 53.3 in April from 53.1 in March, a 13-month high. However, the HSBC index remains below 50, which would indicate a contraction. The HSBC Index was reported at 49.3 for April, up from 48.3 in March.
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FXI (NYSE: FXI), an ETF that measures the performance of the largest companies in the China is up 5 percent year to date. Overall, returns in Shanghai have trailed the U.S. so far this year.
Data on China's manufacturing sector have been somewhat conflicting. Official PMI from the government has shown growth of 53.3 in April from 53.1 in March, a 13-month high. However, the HSBC index remains below 50, which would indicate a contraction. The HSBC Index was reported at 49.3 for April, up from 48.3 in March.
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