“Stocks (MXWD) advanced for the first time in three days and commodities rose as China eased restrictions on investing in banks and its new leaders backed urban development. The yen slid and Spain’s bonds extended losses after the government missed its maximum sales target at a debt sale.
China’s regulators abolished a rule limiting insurers’ investments in commercial banks and Xinhua news agency said yesterday after a meeting of top party leaders that China will actively promote urbanization and expand domestic demand. Spain sold 4.25 billion euros ($5.6 billion) of debt due between 2015 and 2022, less than the 4.5 billion-euro target.
“There’s a lot of talk about potential policy support for China’s economy,” said Tim Leung, a fund manager who helps manage about $1.5 billion at IG Investment Ltd. in Hong Kong. “While urbanization is not new, people will probably focusing on that trend. There’s a lot of positive benefit from urbanization, like infrastructure spending.”
If you enjoy the content at iBankCoin, please follow us on Twitter
