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China stocks end higher for third day on policy-easing support

Tue 5th November, 2019 7:27am
SHANGHAI, Nov 5 (Reuters) - Chinese stocks extended a rally
into a third session on Tuesday, as investors cheered Beijing's
latest policy easing to boost the economy after a private survey
showed sluggish growth in the domestic services sector.
    ** The blue-chip CSI300 index  .CSI300  ended up 0.6% at
4,002.81, while the Shanghai Composite Index  .SSEC  added 0.5%
at 2,991.56.   
    ** The Shanghai SE 50 index  .SSE50 , dubbed China's "Nifty
50" index, which tracks the 50 most representative heavyweights
on the Shanghai Stock Exchange, climbed as much as 1.0% to its
highest level since February 2018.
    ** China's central bank cut the interest rate on its
medium-term lending facility (MLF) on Tuesday for the first time
since early 2016, as policymakers work to prop up a slowing
economy hit by weaker demand at home and abroad.  urn:newsml:reuters.com:*:nL3N27L0KO 
    ** Some analysts said Tuesday's reduction, though modest,
may be a sign the central bank is turning more proactive. 
    ** The cut came after a private survey showed China's
services sector activity expanded at its slowest pace in eight
months in October as new orders slowed and business confidence
hit a 15-month low.  urn:newsml:reuters.com:*:nZONYWPR04 
    ** Beijing has been counting on the services sector, which
accounts for more than half of China's economy, to partly offset
sluggish domestic and global demand for manufactured products as
a prolonged trade war with the United States drags on. 
    ** Developments in Sino-U.S. trade talks remained in focus,
with China pushing U.S. President Donald Trump to remove more
tariffs imposed in September as part of a "phase one" U.S.-China
trade deal, people familiar with the negotiations said on
Monday.  urn:newsml:reuters.com:*:nL2N27K1VK 
    ** Global trade barriers must be removed, and countries
should uphold basic multilateral trade principles while standing
firm against protectionism, Chinese President Xi Jinping said on
Tuesday.  urn:newsml:reuters.com:*:nL3N27L0KE   
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  rose 0.48%, while Japan's Nikkei index  .N225 
closed up 1.76%.
    ** At 0707 GMT, the yuan  CNY=CFXS  was quoted at 7.0119 per
U.S. dollar, 0.26% firmer than the previous close of 7.0305. 
    ** So far this year, the Shanghai stock index is up 20%, and
the CSI300 has risen 33%, while China's H-share index listed in
Hong Kong is up 7.4%. Shanghai stocks have risen 2.13% this
    ** As of 0707 GMT, China's A-shares were trading at a
premium of 28.74% over the Hong Kong-listed H-shares.

 (Reporting by Shanghai Newsroom, editing by Amy Caren Daniel)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
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