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Chinese Shipping Stocks Rally on Weak Crude Prices, PBoC Rate Cut

By Ambar Warrick AiVIF.com-- Major Chinese shipping stocks rallied on Monday, benefiting from a drop in crude oil prices and an interest rate cut by the People’s Bank of...
Chinese Shipping Stocks Rally on Weak Crude Prices, PBoC Rate Cut © Reuters.

By Ambar Warrick

AiVIF.com-- Major Chinese shipping stocks rallied on Monday, benefiting from a drop in crude oil prices and an interest rate cut by the People’s Bank of China.

Shares of COSCO Shipping Energy Transportation (SS:600026) were the best performers on China’s benchmark indexes, rallying over 10% after the firm gained approval for a 5 billion yuan ($730 million) note issuance.

Cosco’s peers, including China Merchants Energy Shipping Co Ltd (SS:601872), CSSC Offshore & Marine Engineering Group Co Ltd (SS:600685), and COSCO Shipping Specialized Carriers Co Ltd (SS:600428) rose between 6% and 10%, and were also among the top performers on the benchmark Shanghai Shenzhen CSI 300 index.

Gains in the sector were driven by a sharp fall in oil prices, as energy markets priced in a potential supply glut from the lifting of U.S. sanctions against Iranian crude exports. Weaker oil prices point to a lower fuel bill for shipping firms.

Also boosting shipping stocks was a drop in the Chinese yuan, to a near two-year low. Weakness in the yuan increases the value of the foreign exchange accumulated by major shipping firms, benefiting their share price. 

The yuan sank to near two-year lows after the People’s Bank of China cut interest rates for a second consecutive week, as it moves to shore up economic growth amid Beijing’s strict zero-COVID policy. 

The move was broadly positive for Chinese stocks, given that it frees up more liquidity that can be potentially invested into stocks. The CSI 300 index jumped over 0.5%.

Chinese shipping stocks have largely outperformed the broader market this year, given that they are less impacted by lockdowns in the mainland. Strength in China’s exports also indicates a strong base for shipping stocks.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

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EUR/CHF

0.9808

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Gold Futures

2,295.80

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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Natural Gas Futures

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

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FTSE 100

8,144.13

-2.90 (-0.04%)

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17,763.03

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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10,854.40

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49.155

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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Deutsche Bank AG

15.010

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Summary

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Moving Avg:

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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Cập nhật lúc 10:45:15 01/05/2024
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