China Rebound
China’s Shanghai Composite Index jumped 4.7 percent yesterday, the biggest advance since October 2009. The gauge plunged by the most in six years on Monday as the nation’s biggest brokerages were suspended from adding margin-trading accounts.
China’s world-beating stock rally is over, according to the latest Bloomberg Global Poll. Some 58 percent of the survey’s 481 respondents said the Shanghai Composite Index (SHCOMP) will either decline or remain little changed over the next six months after a 55 percent advance since June. China’s economic growth slowed to its weakest pace in 24 years and a real-estate developer’s failure to meet an interest payment is raising the specter of a pickup in debt defaults.
Futures on the S&P 500 were little changed after the underlying measure advanced for a third day yesterday. Profit at S&P 500 companies probably climbed 0.8 percent in the final three months of 2014, analysts predicted, down from an October estimate of 8.1 percent.
To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net
To contact the editors responsible for this story: Sarah McDonald at smcdonald23@bloomberg.net Tom Redmond, Jim Powell