Overseas Trading: China Stocks Edge Higher on PBOC Injection

Crude oil is weighing on stocks in Asia, but ongoing liquidity efforts by the People's Bank of China lifted Chinese markets

by Alex Eppstein

Published on Mar 31, 2016 at 8:24 AM
Updated on Jun 24, 2020 at 10:16 AM

Asian stocks finished mostly lower, erasing a portion of Wednesday's Fed-induced gains amid a drop in oil prices. Despite a surprise jump in industrial output, South Korea's Kospi fell 0.3%, while Hong Kong's Hang Seng retreated 0.1%. Japan's Nikkei continued to lag its regional peers with a loss of 0.7%, as electronics guru Sharp tumbled after agreeing to be acquired by Taiwan's Foxconn at a reduced offer price. On the other side of the ledger, China's Shanghai Composite edged 0.1% higher after the People's Bank of China (PBOC) injected $15.4 billion into the financial system to encourage lending.

Stocks in Europe are trading lower at midday as investors digest another deflationary reading for the eurozone -- despite the European Central Bank's (ECB) early March decision to expand stimulus measures -- and looking ahead to tomorrow's U.S. nonfarm payrolls report. At last check, the French CAC 40 has shed 0.9%, London's FTSE 100 is down 0.4%, and the German DAX has dipped 0.5%.

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