(Bloomberg) -- China’s latest policy blitz is fueling a rally in everything from iron ore and copper to Asian stocks, and traders are betting on more aid to ...
-- China ’s latest policy blitz is fueling a rally in everything from iron ore and copper to Asian stocks, and traders are betting on more aid to drive further gains.A day after central bank chief Pan Gongsheng unveiled one of China ’s most daring policy campaigns in decades, investors are looking for the government to follow suit with fiscal measures to reinvigorate Asia’s largest economy. If the hope materializes, the risk-on mood that’s permeating global markets is likely to strengthen further.
Beijing’s latest efforts triggered 24 hours of buying of China-related assets, including the Australian dollar, Brazil’s real, the Thai baht and industrial metals. Emerging-market stocks advanced to two-and-a-half year highs, helped in part by expectations of another big US interest-rate cut. Timefolio Asset Management Co. and Magellan Investments Holding Ltd. note that other issues persist, including weak demand, China’s property-market woes and a deflationary spiral.“This is a short-lived, legitimate risk-on signal to buy,” said George Boubouras, head of research at hedge fund K2 Asset Management. “That is, until another big bazooka is required. You need a lot more from China.”
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