China Stocks Stall Near 5-Year High After Xi’s Big Address
- Shares pull back after strong start to October ahead of speech
- Next catalyst could be Communist Party plenum, U.S. election
A live broadcast of Xi Jinping delivering a speech in the city of Shenzhen is shown on a screen inside a restaurant in Hong Kong on Oct. 14.
Photographer: Roy Liu/BloombergThis article is for subscribers only.
Xi Jinping failed to provide any fresh incentives for stock traders to push Chinese shares to a 5-year high when he delivered a much-anticipated speech in Shenzhen.
The CSI 300 Index fell 0.7% Wednesday in the wake of his address. The gauge had rallied 5.5% in the prior three days, partly driven by optimism President Xi would lay out details about further opening up the economy and developing the technology powerhouse of Shenzhen. In the end, his 50-minute-long address lacked specifics.