Chinese stocks rally following reports of Xi meeting with regulators: After a turbulent few months that pushed China’s main indices to five-year lows, the country’s benchmark CSI 300 had its best day since late 2022, Bloomberg reports.

The trigger? The rally was fueled by hopes that authorities will introduce more significant support measures that would help the country’s slumping market following reports that Chinese regulators would brief Chinese President Xi Jinping on the market. Although it remains unclear whether the meeting will lead to any new support measures, traders and investors are hopeful that it could turn the tide in the market following multiple “false dawns” in the last year, according to Bloomberg. A pledge from Chinese state sovereign fund Central Huijin Investment to purchase more exchange-traded funds also helped fuel the rally.

Remember: Chinese and Hong Kong stocks have shed USD 6 tn in value since their peak in February 2021 amid the country’s economic slowdown, spiraling property crisis, and cooler relations with the US.

ALSO- China attempts to curb short-selling: China’s Securities Regulatory Commission (CSRC) is attempting to clamp down on short-selling by keeping a watchful eye on trading behavior and banning investors from selling shares on the same day of purchase, Reuters reported.

It’s working: The CSRC’s efforts are proving fruitful, resulting in a 24% drop in stock lending and major mutual fund companies suspending lending and working on phasing out re-lending.

ALSO WORTH NOTING-

#1- OQ preps to IPO two units: Omani state energy firm OQ wants to list its explorationand production and its methanol and liquefied petroleum gas units, having already invited banks to apply for roles within the IPOs. (Bloomberg)

#2- Samsung boss acquitted of financial crimes: Chairman of the South Korean electronics giant, Jay Y Lee, was found not guilty of allegations of fraud and stock manipulation related to a 2015 merger by a Korean court. (Reuters)

ADX

9,332

-1.0% (YTD: -2.6%)

DFM

4,153

-1.8% (YTD: +2.3%)

Nasdaq Dubai UAE20

3,706

-1.6% (YTD: -3.5%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.1% o/n

5.1% 1 yr

TASI

12,071

+0.4% (YTD: +0.9%)

EGX30

27,270

-1.4% (YTD: +9.6%)

S&P 500

4,954

+0.2% (YTD: +3.9%)

FTSE 100

7,681

+0.9% (YTD: -0.7%)

Euro Stoxx 50

4,691

+0.8% (YTD: +3.8%)

Brent crude

USD 78.59

+0.8%

Natural gas (Nymex)

USD 2.01

-3.5%

Gold

USD 2,051

+0.4%

BTC

USD 43,180

+1.7% (YTD: +2.0%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1.2 bn. The index is down 2.6% YTD.

In the green: Chimera (+4.6%), Emirates Stallions Group (+4.4%) and Gulf Medical Projects Company (+3.7%).

In the red: Abu Dhabi National Hotels (-10.0%), Fujairah Cement Industries (-9.9%) and RAK Properties (-8.7%).

Over on the DFM, the index closed down 1.8% on turnover of AED 350.5 mn, while Nasdaq Dubai fell 1.6%.

Asian benchmarks are largely in the green this morning as investors welcome broadly positive earnings as results season grinds on. Futures suggest we can expect more of the same when European and North American markets open later today.

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