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Stocks are on the defensive after BlackRock strategists downgraded Chinese equities. Investors stay cautious before key rate decisions from the Federal Reserve and Hong Kong’s monetary authority.
Local stocks trade lower as investors shun banks and property developers before the Fed and HKMA deliver their policy decisions later this week. BYD and JD.com lead losses within their sectors.
Stocks lose more ground as reports show foreign investors are not convinced about a market turnaround soon, pressuring the yuan. Developers Evergrande and Country Garden continue to attract bad news.
Local stocks are set for the biggest gain in two weeks, lifted by China’s second reserve ratio cut this year. Reports show growth in retail sales and industrial production in August beat consensus forecasts.
Hong Kong rose by the most in two weeks after China’s central bank cut banks’ reserve requirement ratio for a second time to inject more liquidity into the…