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2021-03-09 11:00:13| Guardian Unlimited Business - more business news

Rolling coverage of the latest economic and financial newsGerman exports to UK down 29% year-on-year in JanuaryImports from UK to Germany fell 56.2%Overall German exports fell 8% annually (but rose month-on-month)Fears for 5,000 UK jobs as steel groups backer enters administration Chinas State Funds intervene as market slides again 10.00am GMT Todays selloff took Chinas CSI 300 stock index down to its lowest levels since late-December.China expert George Magnus fears that something is brewing....China stock market reversal required support from national team today. Back down to mid Dec levels. And rather making a mockery of 21 Jan @SCMPNews headline, and others predicting a banner year. Mkt still well up on yr ago but something brewing here pic.twitter.com/PVQMUko0pA 9.34am GMT Its been a turbulent day in Chinas stock market, where state backed funds reportedly stepped in to prop up share prices.Chinese state-backed funds were said to intervene on Tuesday to alleviate declines in the stock market, a sign that the rout had gone too far for policy makers. The equity benchmark erased a loss of as much as 3.2%. The funds, known as Chinas national team, stepped in to ensure stability during the governments key policy meeting in Beijing, according to people familiar with the matter. A Hong Kong-based trader, who declined to be identified discussing client business, said entities linked to mainland funds were actively buying shares through stock links with Hong Kong on Tuesday.China's CSI 300 recovers losses following reports that state-backed funds 'national team' will be used to purchase equities - BBG pic.twitter.com/ehmKf0WFgHThe CSI 300 Index erases losses of as much as 3.2% after China's state-backed funds were said to intervene to alleviate declines in the stock market. More: https://t.co/MXCci7peHB pic.twitter.com/2oWXFkqA8e pic.twitter.com/2pfmjQvTkgJUST IN: The CSI 300 Index erases losses of as much as 3.2% after China's state-backed funds were said to intervene to alleviate declines in the stock market. More: https://t.co/4yVh7yDoH1 pic.twitter.com/uZWAk1maQwWhile somewhat unique to the broader volatility in financial market currently, the underlying factors driving the sell-off is familiar to investors: a deterioration in financial conditions as market participants position for tighter monetary policy from the PBOC, as policymakers in the country attempt to deflate the risk of asset bubbles.While certainly only a band-aid fix, Chinas move today has at least taken some of the pressure out of the market, with market participants remaining nervous in an environment where improving global growth is raising concerns central banks will be forced to tighten policy sooner than even the central bankers themselves expect. Continue reading...

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