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Chinese Manufacturing Figures Can Test Market Strength

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Manufacturing figures from China on Monday can test the strength of the stock market. 

CHI50 – Weekly Chart

CHI50 – Weekly Chart 

The price of CHI50 has failed to get above the downtrend support and that level is vital for Monday’s data release. 

Chinese NBS manufacturing is released at 9:30am HKT with market watchers expecting a reading of 50.1. The 50 level is the difference between expansion and contraction and will be important for the market’s path this week. 

Alongside the figures, investors are still wary of the coming actions on tariffs from Donald Trump. The new US President said he was considering a new 10% tariff on Chinese imports from as early as February 1. Trump also proposed new 25% tariffs on Mexico and Canada. 

Beijing said last week that it was “firmly committed to safeguarding national interests”. China’s Foreign Ministry spokesperson Mao Ning added that, “there are no winners in a trade or a tariff war”. 

However, investors have been soothed by the early inaction from Trump on tariffs and he said that the two nations can have a “very good relationship” in the coming years. 

“China realizes that there’s an opportunity to negotiate with Trump,” said Liu Dongshu of the City University of Hong Kong. “And a better US-China relationship is more important to China than to the United States”. 

The Shanghai Composite is in need of a new boost after the 2024 stimulus rally faded. A manufacturing boost would help ahead of the Chinese New Year.

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