Caixin View: Stock Jitters Settle, But What Next
China's stock market had a brief respite early last week after regulators came out in a united show of force to support beleaguered investors. But, as we predicted, the rebound was short lived and the slew of measures announced to stabilize the market and support private companies have had little effect. The benchmark Shanghai Composite Index closed down 2.18% on Monday, taking its total decline over the past five trading days to 4.25%. While the index has crawled back above the psychological barrier of 2,500 it dipped below earlier this month, there's been no sign of a broader turn in sentiment. Another piece of bad news hasn't helped: industrial firms' profit growth slowed for the fifth month in a row in September, rising just 4.1% year on year, government data show.
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