China Market trades firmer

Headline shares of the Mainland China equity market were edged higher on Friday, 07 December 2018, as investors shifting indications on Sino-American trade talks and prospects for a pause in Federal Reserve tightening. Market gains were, however, limited as amid worries that the trade truce between China and the U.S. won't last after the arrest of Huawei's chief financial officer. In afternoon trade, the benchmark Shanghai Composite Index was edge up 0.08%, or 1.96 points, to 2,607.14, meanwhile the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.12%, or 1.58 points, to 1,352.33. The blue-chip CSI300 index was up 0.12%, or 3.88 points, to 3,185.55.

ECONOMIC NEWS: China's State Council said that the government will offer financial help to struggling firms that keep staff on payrolls in a time of increasing economic headwinds. For firms that choose not to cut staff or reduce the number of job cuts they are planning next year, the government will return half of their unemployment insurance fees, the State Council, or Cabinet, said in a statement on its website Wednesday. The government also said that high attention should be paid to the impact on employment from increasing economic downward pressure. The government will also provide subsidies to out-of-job workers who are undergoing job training, the State Council added.

 

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