“With pressure mounting and anxiety setting in, China’s stock markets are anticipating the comeback of the ‘national team,'” read the opening sentence of an early-Friday morning article from Beijing-based business media group Caixin. Sure enough, the Shanghai Composite rallied 4.1% off morning lows to close the session up 2.6%. The ChiNext growth index surged 5.6% from its opening level to gain 3.7% for the day. Friday’s afternoon rally, however, couldn’t erase the week’s losses. The Shanghai Composite ended this week down another 2.2%. ChiNext’s Friday melt-up reduced the week’s losses to 1.5%.
October 19 – Reuters (Massimiliano Di Giorgio): “European Economics Commissioner Pierre Moscovici said on Friday he wanted to reduce tensions with Italy over its 2019 budget, adding it was important to see how Rome responded to the Commission’s objections to the fiscal plan.
