Chinese markets are set to reopen after the Golden Week holidays against an uncertain global market backdrop, which may temper optimism from the spending boom at home.
“The Golden Week consumption data should give more confidence to markets that demand is stabilizing, which may help boost sentiment for consumer and service sectors,” said Marvin Chen, a strategist with Bloomberg Intelligence. “But easing domestic worries come with rising external headwinds from markets adjusting to higher-for-longer Fed rates.”
The CSI 300 Index, a benchmark of onshore Chinese stocks, was down 4.7 percent for the year before heading into the break. A further 4.9 percent decline will see it erase all its gains from the reopening rally that took off in October 2022. Reaching that grim milestone may embolden China skeptics, who continue to shun the market due to deepening property-sector woes and geopolitical concerns.
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