China Shanghai Composite Rises 0.2%
The Shanghai Composite Index rose 8 points or 0.2% to a near two-week high of 3,450 in early trade on Wednesday, after the People's Bank of China said Tuesday that it would keep prudent monetary policy flexible, targeted, and appropriate. In the US, meantime, Fed's Bullard said that the country's economy was growing rapidly, but it was still not out of the pandemic. Turning to data, US job openings surged to a record high in March. Meanwhile, China's annual inflation rate jumped to 0.9% in April, the highest reading in seven months. Meantime, factory gate prices rose 6.8% in the month, the most in 42 months. Traders now look toward US consumer price index data later in the day. On the corporate side, Reuters reported that Tesla had halted plans to buy land to expand its Shanghai plant and make it a global export hub, amid the uncertainty created by US-China tensions. The energy sector gained the most, followed by consumer non-cyclicals, and consumer staples.
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