China stocks climb to 10-month high as Trump fears turn to hope
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
An investor checks stock information on a mobile phone at a brokerage house in Shanghai, China November 9, 2016. REUTERS/Aly Song
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
SHANGHAI (Reuters) - China stocks rose to a fresh 10-month high on Thursday, joining a surprise turnaround in global markets in the wake of a shock win for Republican Donald Trump in the U.S. presidential election.
The benchmark Shanghai Composite Index <.SSEC> gained 1.4 percent to 3,171.28 points, its highest since Jan. 8, while the blue-chip CSI300 index <.CSI300> advanced 1.1 percent to 3,390.61 points.
Trump's stunning upset roiled global markets on Wednesday, sending investors scrambling for safe-haven assets such as gold, sovereign bonds, and the Japanese yen.
Overnight, though, riskier assets staged a sharp reversal as traders reassessed the implications of a Trump presidency, with many seeing it ushering in higher economic growth.
China's markets, which are typically shielded from global market volatility by strict capital controls, have been slowly grinding higher this year as buyers have been encouraged by lower valuations and signs of stabilization in the economy.
Reversing their sharp gains the previous session, gold miners retreated as risk appetite returned.
All major sectors gained, led by financial <.CSI300FS> and industry <.CSI300IN> stocks.
Chinese property developer giant Vanke <000002.SZ> traded up 1 percent, surging as much as 7.5 percent to a record high, but pared much of its gains in late afternoon trading. China Evergrande Group, a real estate conglomerate, has further raised its stake in Vanke to 8.3 percent.
(Reporting by Luoyan Liu and John Ruwitch; Editing by Shri Navaratnam)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Republicans in London celebrate Trump's inauguration
- U.S. asks South Korea to arrest former U.N. chief Ban's brother
- Trump is now president, but he still sees himself as leading an insurgency
Create E-mail Alert Related CategoriesReuters
Related EntitiesDonald J. Trump
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!