China stocks on edge after stimulus vows lack detail
SINGAPORE, Oct 14 (Reuters) -China's stock markets were braced for a volatile session on Monday with traders set to respond to the latest government stimulus promises, which were big on intent but low on detail.
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.
U.S.-listed exchange-traded funds ASHR.NFXI.N had made little immediate reaction during after-hours trade. But, as they were a week ago when China returned from a long holiday, markets are wary of how the retail investors who account for most of the turnover in China's onshore markets will take the announcement.
"The fiscal measures needed to remove downside risks to growth and ignite the animal spirits within Chinese consumers (were) conspicuous in their absence," said IG Markets analyst Tony Sycamore.
"Strap in, folks - we are likely in for a wild start to trading on Monday morning."
The Shanghai Composite index .SSEC is up 12% since the economic support measures were first announced on Sept. 24, but property .CSI000952 and tourism .CSI930633 stocks are dragging in a sign of doubts around the extent of state help.
Still, Goldman Sachs estimates 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 and Chinese yuan CNH=D3 were marginally weaker in thin early trade.
Weekend data showed inflation falling and producer price deflation deepening, while a raft of Chinese data due this week - including GDP - 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 Tom Westbrook in Singapore
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