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彭博：央行降准，重大利多A股
| 2015-02-05, 9:20 AM | |
| Chinese stock-index futures jumped and American depositary receipts rallied after the government cut lenders’ reserve-requirement ratios for the first time since 2012 to bolster the flagging economy. FTSE China A50 Index futures traded in Singapore surged 5.3 percent as of 9:53 a.m. in New York. Contracts on Hong Kong’s Hang Seng Index climbed 1.7 percent. A Bloomberg gauge of the most-traded Chinese ADRs advanced 1.3 percent as financial stocks including China Construction Bank Corp. rallied. The reserve ratio for lenders will fall 50 basis points on Feb. 5, the People’s Bank of China said on its website Wednesday. The level will decline to 19.5 percent, based on previous statements. “This is very positive for the stock market,” Khiem Do, Hong Kong-based head of multi-asset strategy at Baring Asset Management Asia Ltd., said by phone. “We should see a continuation of interest rate and reserve-ratio cuts in the next six to 12 months. Financials and cyclical sectors will benefit the most.” The PBOC unexpectedly cut interest rates in November, unleashing a world-beating stock rally that saw the Shanghai Composite Index soar as much as 36 percent through a Jan. 26 peak. The benchmark stock measure fell for the sixth time in seven days on Wednesday after data showed a gauge of services expanded at the weakest pace in six months, adding to reports highlighting a deepening economic slowdown. The government’s manufacturing Purchasing Managers’ Index declined to 49.8 last month from 50.1 in December, signaling a contraction for the first time in more than two years. Broad Rally The PBOC joins more than a dozen global counterparts in easing monetary policy this year as tumbling commodity prices provide scope to support growth. Mired by a property slump and overcapacity, China saw the biggest outflow of capital since at least 1998 last quarter. Chinese stocks, bonds and commodities will rally on Thursday after the central bank’s “surprise” reserve-ratio cut, while the yuan will come under pressure and may require intervention, according to Hao Hong, head of China research at Bocom International Holdings Co. in Hong Kong. Financial shares will jump as much as 3 percent, said Kenny Tang, general manager of AMTD Financial Planning Ltd. Property stocks may see gains of up to 90 percent in the next few months, according to Aviate Global Asia Ltd. strategist Robert Buckley. Reserve ratios had remained unchanged at 20 percent for major banks and 18 percent for smaller banks since May 2012. | |
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