MARKET UPDATES
The Australian dollar weakened because of the bigger-than-expected unemployment rate…
Chinese funds spur equity exposure to seven-month maximum
For the next three months Chinese fund managers managed to spur their suggested equity exposure to the maximum of seven months because recent economic data assisted to raise expectations for the world's number two economy, as a monthly Reuters survey unveiled.
The fund managers increased their suggested equity allocations to about 78.8% from 73.8% in September, according to a survey of eight China-based fund managers, which was conducted this week.
As a matter of fact, the fund managers have curtailed their suggested bond allocations for the approaching three months to 8.1% from last month’s reading of 10%.
Besides this, they have diminished recommended cash allocations to approximately 13.1% for the next three months versus 16.3% in September.
In September, China's major financial institution reduced the amount of cash, which some commercial banks are bound to hold as reserves for the first time since February last year, in an attempt to spur more lending to struggling smaller businesses and revive its lackluster private sector.
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