China stocks log biggest weekly gain in nearly 2 months on upbeat data, trade hopes

China stocks log biggest weekly gain in nearly 2 months on upbeat data, trade hopes

SHANGHAI, Dec 6 (Reuters) – China stocks ended higher on Friday, posting their biggest weekly advances in nearly two months, buoyed by a series of upbeat economic data and hopes of a proposed Sino-U.S. trade deal.

** The blue-chip CSI300 index rose 0.6%, to 3,902.39, while the Shanghai Composite Index added 0.4% to 2,912.01.

** For the week, CSI300 was up 1.9%, while SSEC gained 1.4%, both their largest weekly gains since the week of Oct. 11.

** China’s factory activity expanded at the quickest pace in almost three years in November, with solid increases in output and new orders, a private business survey showed on Monday.

** That came after official data showed factory activity in China unexpectedly returned to growth in November for the first time in seven months, as domestic demand picked up on Beijing’s accelerated stimulus measures to steady growth.

** On Wednesday, a private survey showed activity in China’s services sector accelerated to a seven-month high in November, as new business, especially export related, picked up.

** On the trade front, hopes for a preliminary deal remained largely intact despite mixed headlines recently.

** U.S.-China trade talks are “moving right along,” U.S. President Donald Trump said on Thursday, striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an interim deal to de-escalate the 17-month trade war between the two powers.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.56%, while Japan’s Nikkei index closed up 0.23%.

** At 0714 GMT, the yuan was quoted at 7.035 per U.S. dollar, 0.13% firmer than the previous close of 7.0444.

** So far this year, the Shanghai stock index is up 16.8% and the CSI300 has risen 29.6%, while China’s H-share index listed in Hong Kong is up 3%. Shanghai stocks have risen 1.39% this month.

** As of 0715 GMT, China’s A-shares were trading at a premium of 28.87% over the Hong Kong-listed H-shares. (Reporting by Luoyan Liu and John Ruwitch; Editing by Rashmi Aich)

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