Wednesday, January 19, 2022

In December, Chinese stocks fell as lending and consumption forecasts worsened

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SHANGHAI, Jan. 13 (Xinhua) – Chinese stocks fell on Thursday after new bank loans fell more than expected in December from a month earlier, leading to a drop in consumer inventories amid a boom in local COVID-19.

The blue-chip CSI300 index fell 1.6% to 4,765.92, while the Shanghai Composite Index fell 1.2% to 3,555.26.

** Chinese banks issued 1.1 trillion yuan ($ 177.56 billion) in new yuan loans in December, down from 1.27 trillion yuan in November, but set a record for lending for the full year 2021.

** Inflation in China rose more slowly than expected in December, but the country is battling its latest COVID-19 epidemic, with the Omicron variant detected in several cities.

** “While the Omicron epidemic and low CPI inflation in December increased the likelihood of a slight reduction in PBoC policy rates in the near future, we believe the gap remains very limited and the impact of the rate decline may also be very small. , especially if long-term LPR is not reconsidered, ”Nomura said in a note.

** Consumer goods fell by 3%, alcohol producers fell by 3.5%, the COVID-19 epidemic and restrictions on movement between regions were tightened, which cast doubt on the sector’s prospects.

** Real estate manufacturers are down 2.8 percent as more developers negotiate new terms with their bondholders to avoid defaults.

** Information technology, healthcare and semiconductor stocks lost 1.7% to 2%.

** However, energy reserves increased by 1.3%, while coal miners increased by 1.9%.

Shanghai Information Center News; Edited by Subhranshu Sahu

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