Chinese indices were top performers during the first Asian session of a new week. There are some good reasons behind the improved sentiment towards the Chinese stocks today:
- Comments from Chinese President Xi Jinping, who said that China will continue to open up to foreign capital and investments, are also supporting market moods
- Country Garden, Chinese developer on a brink of bankruptcy, won an appeal to extend payments on its onshore bonds and also secure over $500 million in additional financing
- Domestic banks in China have recently lowered rates on mortgage loans amid pressures from authorities and in an attempt to support economy
- Markets are expecting Chinese authorities to announce more support measures for property sector - including new measures for first home purchases and relaxed restrictions on mortgage lenders
CHN.cash is extending its current recovery move today with an almost-3% gain. The index jumped over 9% over the past 2 weeks amid incoming news of economic support measures being undertaken by Chinese authorities. Taking a look at CHN.cash at H4 interval, we can see that the index is making a break above the 6,500 pts resistance zone today, reaching a fresh 3-week high in the process. Should upward move continue, the next near-term resistance to watch can be found in the area below 6,650 pts.
Source: xStation5
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