China stocks higher on stimulus vows
Shanghai Composite +0.2%
Hang Seng -1%
Yuan opens weaker at 7.0795 per dollar
Recasts on market open, changes dateline to SHANGHAI
SHANGHAI, Oct 14 (Reuters) -China's stock markets rose in early trade on Monday as the latest government stimulus promises lifted property shares, though without re-igniting the euphoria of late last month.
The Shanghai Composite .SSEC was 0.2% higher and the blue chip CSI300 .CSI300 rose 0.4%. Hong Kong's Hang Seng .HSI fell 1%, with the sentiment-sensitive tech sector sliding. China's yuan CNY=CFXS opened weaker at 7.0795 per dollar.
The country's main stock indexes have been on a rollercoaster ride since late last month when a series of rate cuts, news reports and announcements raised expectations of a major government rescue effort for China's ailing economy.
At a Saturday news conference Finance Minister Lan Foan reiterated plans to help, promising to raise government debt. He did not spell out exactly how much the government will spend or how quickly, and investors sounded disappointed.
Still, Goldman Sachs estimated that measures announced on Saturday and last week would possibly add 0.4 percentage points to growth next year, and the bank's analysts upgraded a 2025 real GDP growth forecast from 4.3% to 4.7%.
Global commodity markets from iron ore to other industrial metals and oil have also been volatile, along with currencies such as the Australian dollar AUD=D3 that are typically sensitive to China's economic conditions.
The Australian dollar fell in morning trade along with oil prices.
Weekend data showed inflation slowing and producer price deflation deepening, while a raft of Chinese data due this week - including gross domestic product - is seen likely to be soft and add pressure on Beijing to act urgently to revive flagging demand.
Passenger vehicle sales, however, rose 4.3% in September from a year earlier, snapping five months of decline thanks to a subsidy encouraging trade-ins.
Reporting by Reuters' Shanghai newsroom; Editing by Christopher Cushing
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