Chinese stocks, of course, are nowhere near all-time highs, but they are on a roll too. Since plumbing five-year lows a few weeks ago, they have rebounded more than 10% and are on their longest winning streak in over three and half years.
A close in the green for the CSI 300 index on Friday will seal its best run in more than six years.
Improving sentiment towards China is in large part down to the various steps taken by authorities in Beijing to revive economic activity and prop up markets, especially the battered housing market.
These measures include a cut in the benchmark 5-year lending rate, which influences the pricing of mortgages. It is too soon to determine the success or otherwise of this week’s move, but Chinese house price figures on Friday will be closely watched.
House prices have been outright declining year-on-year for the last two years. A return to growth will go a long way to reassuring investors that the worst of the property sector meltdown is over and that the economy is back on a firmer growth track.
