China's AI Optimism Boosts Stock Markets, Amid Economic Puzzles
China and Hong Kong stocks show resilience with consecutive monthly gains, driven by optimism in China's artificial intelligence sector. Despite concerns over economic recovery and shrinking manufacturing activity, investor morale remains positive. Beijing's €70 billion stimulus for investment projects further supports this sentiment.
- Country:
- China
China and Hong Kong's stock markets remained relatively stable on Tuesday but are on track to achieve their fifth consecutive month of gains. The optimism surrounding the nation's advancements in artificial intelligence is helping to mitigate ongoing concerns regarding the slow pace of economic recovery.
The CSI300 Index, a leading gauge of China's top blue-chip stocks, edged up by 0.2% during the morning session, contributing to its nearly 3% growth in September. Meanwhile, Hong Kong's Hang Seng Index has risen by 6% this month, driven by a 12% increase in technology firms.
Despite a sixth consecutive month of contraction in China's manufacturing sector, the mood remains buoyant. The country is set to inject 500 billion yuan into investment projects to stimulate growth. In Hong Kong, Zijin Gold International's IPO surged 66% in its debut, marking the largest public offering in the region in four years.
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