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Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

<ul><li>Five states voted on some form of change to the minimum wage in Tuesday's US elections.</li><li>Missouri approved a raise, while Massachusetts and Arizona rejected changing how tipped workers are paid.</li><li>Results in Alaska and California were unclear early Wednesday.</li></ul>While economic issues were a major focus of this year's <a href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11" target="_blank">US presidential election</a>, several states put pay directly on the ballot, and minimum-wage workers in at least one state are now set to get a raise after voting concluded Tuesday. Missouri, Massachusetts, California, and Alaska all had some form of referendum on their ballots on whether to hike the minimum wage paid by employers. In Massachusetts, voters were asked whether to gradually increase the share of tipped workers' pay that employers must provide, while voters in the three other states were presented with proposals for straightforward minimum-wage increases. In Arizona, voters weighed in on whether to decrease the tipped minimum wage — provided employers could show workers' wages would stay $2 above the state minimum when accounting for tips. Shortly after polls closed in Missouri, it was clear that the referendum there had passed. Voters in Massachusetts and Arizona rejected their proposals, and California and Alaska were still awaiting their results as of early Wednesday. <h2 style="color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; background-color: rgb(255, 255, 255);">Missouri</h2>In Missouri, voters opted to raise the state's minimum wage to $15 an hour by 2026. Per The New York Times, roughly 58% of Missouri voters had supported the measure as of early Wednesday, with some votes still uncounted. The measure, <a href="https://www.sos.mo.gov/elections/petitions/2024BallotMeasures#:~:text=Official%20Ballot%20Title%0AProposition,Proposed%20by%20Initiative%20Petition" target="_blank">Proposition A</a>, is set to first raise the minimum wage to $13.75 an hour from $12.30 on January 1 and then increase it again to $15 an hour on January 1, 2026. Starting in 2027, the wage is set to be pegged to inflation. The measure also mandates that employers give their workers an hour of paid leave for every 30 hours they work. Missouri separately voted in favor of former President Donald Trump, who said he'd "consider" a minimum-wage hike if it proved beneficial for small businesses. His opponent, Vice President Kamala Harris, had pledged support for raising the federal minimum wage to $15 an hour from $7.25. A group of Missouri business owners in favor of the measure praised Proposition A's passage on Tuesday evening. "Proposition A will strengthen Missouri's workforce and businesses," David Burmeister, the owner of Midwest Pasta Co. in St. Louis, said in a press release. "Raising the minimum wage will increase people's ability to shop at our business and local businesses across Missouri. We've seen that paying better wages is better business. Employees are happier at work and do a better job." <h2 style="color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; background-color: rgb(255, 255, 255);">Massachusetts</h2>In <a href="https://www.sec.state.ma.us/divisions/elections/publications/information-for-voters-24/quest_5.htm" target="_blank">Massachusetts</a>, employers won't be required to gradually raise tipped workers' base pay to match the state's minimum wage. The measure failed, with the Times reporting at the time of publication that 64% of voters had rejected it out of the votes counted so far. The measure, which would have begun taking shape on January 1, wouldn't have actually raised the legal minimum wage for tipped workers but instead would have raised the share of that minimum wage that employers were required to provide. Currently, Massachusetts employers are required to pay tipped workers a base pay of $6.75 an hour and then make up the difference if those workers' total pay counting tips is less than $15 an hour. The failed measure would have ultimately required employers to directly pay tipped workers the state's full minimum wage by 2029. <h2 style="color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; background-color: rgb(255, 255, 255);">Arizona</h2>In Arizona, voters rejected a measure that would have let employers reduce their base pay for tipped workers. <a href="https://www.azleg.gov/alispdfs/Council/2024BallotMeasures/adopted%20analysis%20Proposition%20138%20SCR1040%20-%202024.pdf" target="_blank">Proposition 138</a> proposed allowing employers to pay tipped workers up to 25% less than the state's minimum wage, with the corollary that employers would need to establish their workers were still making the minimum wage plus an additional $2 an hour when accounting for tips. The Times reported that out of the votes counted so far, nearly 76% of voters had rejected the measure. That means that employers in Arizona can continue to pay their tipped workers $3 less than the current hourly minimum wage as long as workers are still making at least the minimum wage when accounting for tips. Correction: November 7, 2024 — An earlier version of this story included a sentence that incorrectly described the result of the ballot measure in Massachusetts. The system in which tipped workers are required to be paid at least $15 an hour through a combination of tips and a $6.75 hourly wage is the current system in Massachusetts, not a proposal on the ballot measure that voters rejected. The story was also updated to clarify the ballot results. The percentages attributed to The New York Times reflected the latest tally as votes were being counted, not New York Times projections for the final result. The specific figure of 76% in Arizona referred to the share of voters at the time who had rejected the ballot measure there, not the margin by which voters rejected the measure.

Workers in Missouri can look forward to raises after minimum-wage boosts passed

<ul class="summary-list"><li>The US says <keyword id="23601409" type="General" weightage="20" keywordseo="North-Korean-troops" source="keywords">North Korean troops</keyword> are in Russia, possibly bound for the war in Ukraine.</li><li>The soldiers face strict measures to prevent their desertion, <keyword id="19910206" type="General" weightage="100" keywordseo="North-Korea" source="keywords">North Korea</keyword> experts told BI.</li></ul>Any North Korean troops sent to fight in Ukraine would be subject to harsh measures to ensure they don't desert, observers have told Business Insider. There are growing reports of <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-troops-aid-russia-what-means-for-ukraine-war-2024-10">a mass North Korean deployment</a> in support of <keyword id="20021739" type="General" weightage="20" keywordseo="Russian-troops" source="keywords">Russian troops</keyword>. On Wednesday, US Defense Secretary Lloyd Austin said "there is evidence" that North Korean troops were training in Russia. Scattered reports have claimed that smaller numbers of North Korean troops are already in Ukraine. Ukrainian outlets <a target="_blank" class="" href="https://suspilne.media/858583-vijskovi-kndr-vze-tikaut-z-pozicij-na-kordoni-iz-branskou-ta-kurskou-oblastami-dzerela/">Suspilne</a> and <a target="_blank" class="" href="https://hromadske.ua/viyna/233244-rosiiany-zlovyly-soldativ-z-kndr-iaki-vtekly-z-pozytsiy-na-kurshchyni-yikh-mozut-kynuty-na-shturm-rozvidka">Hromadske</a> reported some early desertions, citing anonymous sources. Business Insider could not independently confirm the reports, and Ukraine's military-defense agency did not respond to a request for comment. <h2>A tight leash</h2>Committing large numbers of troops abroad is risky for <keyword id="19916006" type="General" weightage="20" keywordseo="Kim-Jong-Un" source="keywords">Kim Jong Un</keyword>, who oversees a totalitarian state that rarely lets people out. But the prize for cooperating with Russia is great — <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-military-officials-helping-russia-ukraine-win-for-kim-2024-10">technological advancement and help for North Korea's cash-strapped economy</a>. Joseph S. Bermudez Jr, an expert in North Korean defense at the Center for International and Strategic Studies, told BI that those sent abroad would quickly see that even a life of poverty in Russia and Ukraine is better than what's at home. "It's hard to imagine how tightly controlled North Korean society is," he said. <div type="image" title="This image released by South Korea's spy agency the National Intelligence service shows North Korean leader Kim Jong-Un watches numerous shirtless North Korean troops in combat training, according to the agency." height="413" width="636" msid="114545263" hostid="261"></div>North Korea operates a complex social hierarchy in which citizens are tracked and classed according to perceived loyalty. It's often inherited from the actions of your parents or even grandparents, and has been described as effectively a form of caste system. According to a <a href="https://www.hrnk.org/wp-content/uploads/pdfs/publications/eng/HRNK_Songbun_Web.pdf" target="_blank">landmark work</a> on the subject by Robert Collins, an expert on North Korean security, only those classed as most loyal can become army officers. Kim is likely to only send "politically reliable people" to fight, Bermudez said. Those sent to aid Russia are likely accompanied by officials from the ruling Workers' Party of Korea, he added. "They file reports on everybody." "Are they drinking too much? Are they trying to acquire goods that they can't get in North Korea and send them home?" They're also likely to have to undergo <a target="_blank" class="" href="https://www.abc.net.au/news/2019-03-31/welcome-to-north-koreas-self-criticism-classes/10936152">self-criticism sessions</a>, Bermudez said — an intense group practice of confessing one's shortcomings. They might berate themselves by saying something like: "'I didn't think of the Kim family 20 times today," said Bermudez. "'I only did 15.'" He said soldiers would be sent to a re-indoctrination camp on their return to North Korea to reaffirm their loyalty. Those who return would likely be honored and given greater privileges, such as a better job. Families of those who die in battle also gain immense social respect and advantages, he said. <div type="image" title="North Korean leader Kim Jong Un peers through a pair of binoculars during a military demonstration in North Korea." height="1930" width="2965" msid="114545259" hostid="261"></div>The North Korean state also has harshermeans to keep its citizens abroad in check. According to Bruce W. Bennett, a defense researcher and North Korea specialist at RAND, those who leave, like diplomats, are almost never allowed to bring their whole family with them. "It is very typical for the Kims to insist that at least one member of any family operating overseas remain in Pyongyang as a hostage," he told BI. And anyone who does defect ensures that their whole family suffers, Bermudez said. "North Korea believes in generational punishment." In interviews with escapees and defectors, he said, "one of the greatest sorrows that they have is that they've left family." That's because their extended family would likely be sent to brutal work camps — described by Bermudez described as similar to a Nazi work camp or a Soviet gulag. <h2>An opportunity for the West?</h2>Kim is"scared to death" of information being brought back to North Korea from abroad, Bennett said. The leader rails against culture from the outside world — like in 2021, <a target="_blank" class="" href="https://www.businessinsider.com/kim-jon-un-called-k-pop-vicious-cancer-framed-threat-2021-6">when he called K-Pop a "vicious cancer"</a> — because he perceives it as a major threat, Bennett said. <a target="_blank" class="" href="https://nationalinterest.org/blog/korea-watch/kim-jong-uns-fears-could-be-exploited-211224">An earlier assessment in The National Interest</a> argued that South Korea, in particular, is well-positioned to exploit this anxiety. On Tuesday, <a target="_blank" class="" href="https://www.businessinsider.com/kim-yo-jong-kim-jong-un-sister-life-bio-photos-2018-2">Kim's sister Kim Yo Jong</a>, who has been called his de facto second-in-command, <a target="_blank" class="" href="https://global.espreso.tv/world-about-ukraine-north-koreas-kim-yo-jong-calls-ukraine-bad-dog-bred-by-us">lashed out</a> at both Ukraine and South Korea, comparing them to "bad dogs bred by the US." Bennett said that the presence of North Korean troops in Ukraine could offer a rare opportunity to reach high-placed North Korean citizens. "The question we've eventually got to ask is, why isn't the US and the Western countries trying to use this situation more to our advantage?" he said. Correction: October 24, 2024 — An earlier version of this story misstated the name of the author of the landmark work on North Korea's social hierarchy. It's Robert Collins, not Mark Collins.

North Korea knows its troops could desert in Ukraine. It has chilling ways to keep them in line.

During a <keyword id="20036897" type="General" weightage="20" keywordseo="Jonas-Brothers" source="keywords" meta.keywordsubtype="org" meta.entityname="Jonas Brothers" meta.hostid="261" meta.entityid="Jonas Brothers">Jonas Brothers</keyword> concert in Prague, singer <keyword id="19996491" type="General" weightage="20" keywordseo="Nick-Jonas" source="keywords">Nick Jonas</keyword> had to abruptly leave the stage due to a concerning incident. A laser was reportedly aimed at him from the audience, as captured in fan videos circulating on social media. The incident occurred on Tuesday as the Jonas Brothers, consisting of Nick, Kevin, and <keyword id="19909509" type="General" weightage="20" keywordseo="joe-jonas" source="keywords">Joe Jonas</keyword>, performed as part of their world tour. In one video, Nick is seen looking toward the audience before quickly exiting the stage, signalling to a security guard for assistance. According to a fan page, @jonasdailynews_, the laser was directed at Nick's forehead, prompting the brief interruption. The individual responsible was reportedly removed from the venue, and the concert resumed shortly after.<div type="twitter" handle="PopBase" handlename="PopBase" favoritecount="0" retweetcount="0" id="1846413283529793570"></div>Fans took to social media to express their relief that Nick was unharmed, with one commenting, "I'm glad Nick and the rest of the band are safe." Many also questioned the <keyword id="19926439" type="General" weightage="20" keywordseo="security-measures" source="keywords">security measures</keyword> at the event, asking how someone could bring a laser into the venue undetected. The Jonas Brothers have not yet issued an official statement about the incident. This occurred shortly after Nick's return to social media, where he shared photos from Paris and announced he was taking time for himself. The band is scheduled to continue their tour with a performance in Krakow, Poland.

Nick Jonas runs off stage after audience member points laser at his forehead!

<ul><li><keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> scaled the 85,000 level and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> breached the 26,000 mark for the first time.</li><li>The markets closed flat on Tuesday after a volatile session.</li><li>While Sensex reached an all-time intra-day peak of 85,163.23, <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword> declined by 0.02%.</li></ul>Sensex scaled the 85,000 level and Nifty breached the 26,000 mark for the first time before paring gains to close flat in a volatile session on Tuesday, dragged by losses in <keyword id="19931572" type="General" weightage="20" keywordseo="FMCG" source="keywords">FMCG</keyword> and select <keyword id="20560617" type="General" weightage="20" keywordseo="banking-shares" source="keywords">banking shares</keyword>. The 30-share BSE benchmark declined by 14.57 points or 0.02% to settle at 84,914.04, snapping its three-day record-breaking run. China announcing stimulus measures to bolster its economy fuelled metal shares. In the morning trade, the 30-share BSE Sensex scaled the 85,000 level, jumping 234.62 points or 0.27% to scale a new all-time intra-day peak of 85,163.23. The index, however, hit a low of 84,716.07 in the afternoon session due to profit-taking at record levels. Selling in <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword>, Kotak Mahindra Bank and <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords">ICICI Bank</keyword> dragged the key index from the day's highs. The Nifty eked out gains of 1.35 points or 0.01% to close at a fresh high of 25,940.40. During the day, it climbed 72.5 points or 0.27% to hit a new record intra-day high of 26,011.55. Vinod Nair, Head of Research, Geojit Financial Services said, "Domestic benchmarks are attempting to sustain new highs, driven by the US Fed's aggressive rate cut. Meanwhile, the Chinese central bank's rate cut, and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for domestic metal stocks." Conversely, FMCG and banking stocks exhibited declines due to profit-booking at higher levels, he said, adding that in the near term, strong inflows from FIIs, driven by the US Fed's dovish outlook and expectations of a rate cut by the RBI in October, are expected to maintain momentum. From the 30 Sensex firms, Hindustan Unilever, UltraTech Cement, Kotak Mahindra Bank, IndusInd Bank, Titan, Nestle, Bajaj Finance and Asian Paints were among the biggest laggards. Tata Steel, Power Grid, Tech Mahindra, HCL Tech, Mahindra &amp; Mahindra and JSW Steel were among the gainers. The BSE midcap gauge climbed 0.21% while the smallcap index dipped 0.04%. Among the indices, FMCG declined by 0.75%, telecommunication (0.57%), services (0.45%), financial services (0.40%), consumer durables (0.31%) and bankex (0.30%). “Technically, the index is oscillating within a rising channel and is trading near the upper trend line resistance of the channel pattern, which is around the range of 25,900-26,000 levels, making them a strong hurdle in the short term. Therefore, on the upside, 26,000 will act as an immediate hurdle for Nifty. If the index sustains above 26,000 it could test the levels of 26,200. On the downside, 25,600 will serve as strong support for the index,” said Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates. Metal surged 2.78%, power jumped 1.38%, utilities (1.18%), commodities (0.95%) and industrials (0.47%). "Although markets ended on a lacklustre note after a volatile session, key benchmark indices hit new milestones signifying that liquidity flows has remained strong as investors are confident of India's long term growth story," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. "Nifty ended on a flat note in a volatile session on Tuesday after crossing 26,000 for the first time. Asian stocks rose on Tuesday to their highest in more than two and half years, heartened by broad stimulus measures from China while expectations for more US rate cuts kept risk sentiment up," Deepak Jasani, Head of Retail Research, HDFC Securities, said. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. Shanghai and Hong Kong markets ended significantly higher. European markets were trading in the green. The US markets ended higher on Monday. Foreign Institutional Investors (FIIs) bought equities worth ₹404.42 crore on Monday, according to exchange data. S&amp;P Global Ratings on Tuesday retained India's growth forecast at 6.8% for the current fiscal and said it expects the RBI to start cutting interest rates in its October monetary policy review. Global oil benchmark Brent crude jumped 2.35% to $75.64 a barrel. Rallying for the third day running on Monday, the BSE benchmark jumped 384.30 points or 0.45% to settle at an all-time high of 84,928.61. The NSE Nifty climbed 148.10 points or 0.57% to close at a record peak of 25,939.05. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a> <a href="https://www.businessinsider.in/stock-market/news/sebi-report-reveals-the-ugly-truth-of-fo-trading-in-india-93-of-retail-traders-incurred-losses/articleshow/113620397.cms">SEBI report reveals the ugly truth of F&amp;O trading in India – 93% of retail traders incurred losses</a> <a href="https://www.businessinsider.in/stock-market/webstories/manba-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113585986.cms">Manba Finance IPO – Price band to risk factors, all you need to know</a>

Sensex hits 85,000 level but closes flat as FMCG, banking shares drag

Market watchdog SEBI has come out with a consultation paper in a bid to ease the functioning of <keyword id="22476006" type="General" weightage="100" keywordseo="ESG-Rating-Providers" source="keywords">ESG Rating Providers</keyword> (ERPs), pushing for the development of a <keyword id="23760035" type="General" weightage="20" keywordseo="subscriber-pays-model" source="keywords">subscriber-pays model</keyword>. As of July 2024, nine ERPs are registered with SEBI to operate in the country. These include <keyword id="23760037" type="General" weightage="20" keywordseo="CRISIL-ESG-Ratings" source="keywords">CRISIL ESG Ratings</keyword> &amp; Analytics, ESG Risk Assessments and Ratings, GlobeTrend Climate Impact Institutional Investor Advisory Services, <keyword id="23760038" type="General" weightage="20" keywordseo="NSE-Sustainability-Ratings" source="keywords">NSE Sustainability Ratings</keyword> and Analytics, PGS Impact, Pragati Development Consulting, CARE ESG Ratings, and SES ESG Research. Per the paper's proposal, ERPs won't be required to disclose ESG (environmental, social, and governance) ratings to the bourses, provided they confirm that there is no non-public information that could potentially affect the rating. Another proposal was the simultaneous sharing of the ESG rating reports both to the rated companies and to the subscribers who pay to access these reports. ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, SEBI said in its consultation paper. Some of the other suggestions put forth by SEBI include: 1. Companies will have a specific timeframe to respond to the ESG report, and any such comments should be included in the report as an addendum. 2. In case the ERP does not agree with the remarks issued by the rated company, they can add their comments to the report as well. 3. ERPs can rate unlisted issuers or other products, provided they meet specific guidelines from relevant regulators. SEBI is receiving public comment on these proposals until November 15, 2024. <h2>Steady returns </h2>Of the 11 ESG mutual fund schemes available to Indian mutual fund investors, the Quant ESG Equity fund has generated the highest returns of about 45.44% over one year, data from ValueResearch showed. Simply put, had you invested Rs 10,000 every month in this fund for three years, you would have accumulated a corpus of Rs 5,47,525. Over three years, the returns on this fund come to around 26%. This was followed by the ICICI Pru ESG Exclusionary Strategy fund, which yielded 44.73% returns over the same period. However, over ultra-short terms, i.e., 1-3 months, ESG funds have largely delivered negative returns, underscoring their suitability only as a long-term investment avenue. Only the SBI ESG Exclusionary Strategy Direct Fund and Quantum ESG Best In Class Strategy Direct Fund have been around for 5 years, during which they have generated returns of about 16.67% and 18.7%, respectively. <keyword id="23760036" type="General" weightage="20" keywordseo="ESG-mutual-funds" source="keywords">ESG mutual funds</keyword> typically select and invest in companies that are ESG-compliant, i.e., who weave in environmental conversation, social welfare, and robust <keyword id="20392393" type="General" weightage="20" keywordseo="corporate-governance" source="keywords">corporate governance</keyword> practices into their working philosophy and work ethos, while simultaneously generating decent financial returns for stakeholders as well.

SEBI mulls measures to facilitate ease of doing business for ESG Rating Providers (ERPs)

<ul class="summary-list"><li>China's GDP grew 4.6% in the third quarter — its slowest pace of growth in six quarters.</li><li>The People's Bank of China triggered two market support programs after China announced economic data.</li></ul>China on Friday released third-quarter growth data that was its slowest in six quarters, but its stock markets still ended higher on a shot of confidence from its central bank.China's economy grew 4.6% in the third quarter of this year, the country's <a target="_blank" class="" href="https://www.stats.gov.cn/english/PressRelease/202410/t20241018_1957042.html">statistics bureau</a> announced as it touted a "stable growth trend." This was higher than the 4.5% growth forecast that economists polled by Reuters had expected but lower than the 4.7% recorded in the second quarter of the year.<a target="_blank" class="" href="https://stcn.com/article/detail/1356778.html">Sheng Laiyun, the deputy head of China's statistics bureau,</a> told reporters the bureau is confident of hitting the country's official GDP growth target for the year of around 5% based on the trend of economic stabilization and recovery seen in September.China's third-quarter GDP brings growth in the world's second-largest economy to 4.8% through the first three quarters of this year. That puts it at "striking distance" to hit its full-year growth target, wrote Lynn Song, the chief economist for Greater China at <a target="_blank" href="https://think.ing.com/articles/chinas-3q-gdp-beat-should-keep-growth-target-in-striking-distance/">ING.</a>September's retail sales figures were also promising, as they rose 3.2% from a year ago to a four-month high. It was also higher than the 2.5% growth economists polled by Reuters had expected.Meanwhile, industrial production in September grew 5.4% from a year ago — higher than the 4.5% economists had forecast.Even so, some analysts are not convinced the economic data release signals a convincing recovery."We would downplay the importance of better-than-expected key economic indicators in September given that the structural weakness in the property and household sectors remains largely unaddressed," wrote Betty Wang, the lead economist at Oxford Economics, in a note on Friday.In September, China's new home prices fell 5.8% from a year ago — the fastest pace since May 2015, according to <a target="_blank" class="" href="https://www.reuters.com/markets/asia/china-new-home-prices-fall-fastest-pace-since-2015-2024-10-18/">Reuters</a> calculations based on official data."The property market unsurprisingly remains the biggest drag on China's growth," wrote Song, adding that stabilization in the real estate market remains "elusive."<h2 id="be1d62f1-13f0-4ff7-949a-fa2fb1c30260">The People's Bank of China to the rescue</h2>Also on Friday, markets got a shot in the arm as <a target="_blank" class="" href="http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5481032/index.html">the People's Bank of China</a> pulled the trigger on two funding programs that stand to inject as much as 800 billion Chinese yuan, or $112.6 billion, into its stock market.These programs — a share buyback and a swap facility — were first announced in <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">late September</a> in a package of measures to support the stock market.PBOC's governor also signaled more interest rate cuts at a <a target="_blank" class="" href="https://www.reuters.com/markets/asia/china-cenbank-chief-warns-against-any-illegal-fund-flows-into-stock-market-2024-10-18/">financial forum on Friday.</a>The central bank's announcements on Friday boosted market sentiment, sending China's benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/index/csi-300">CSI300</a> to close 3.6% higher. Hong Kong's Hang Seng Index also closed 3.6% up."The market is in a bad-news-is-good-news mode, as weak data implies more stimulus ahead," Larry Hu, the head of China economics at Macquarie Group, wrote.China's economy is being dragged by factors including a property crisis, high youth unemployment, and deflation. Especially concerning is <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7">depressed consumer sentiment</a> as people prefer saving over spending in the current downturn.China has made frequent mentions of support and stimulus measures in recent weeks in an attempt to shore up flagging sentiment after years of negative news and after a massive rally last month ran out of steam."I think they are really trying to underpin growth," Rajiv Biswas, an international economist who's also the author of "<a target="_blank" rel="nofollow sponsored noindex" class="" href="https://affiliate.insider.com?h=2252c62746e53e506c655ce3df395bcea3ecbee5e1b11653f5e13361d3be9338&amp;postID=6711e994e5b54083005dea1d&amp;postSlug=china-economy-3q-gdp-growth-stock-market-stimulus-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FAsian-Megatrends-Rajiv-Biswas%2Fdp%2F1137441887">Asian Megatrends</a>," told Business Insider.He added that he expects Beijing to continue to do more to support growth so the economy can enter 2025 on better footing."We expect the policy coordination between monetary and fiscal policy will be stepped up in the following quarters. This should cushion the downside risks in the economy," wrote Oxford Economics' Wang.

China just triggered more stimulus measures, even as it says its economy is showing 'stable growth'

<ul class="summary-list"><li>China's top leaders have unleashed a stimulus blitz to reverse the economic downturn and boost market confidence.</li><li>Skeptics say it's just not enough for the scale of China's problem.</li></ul>China unleashed a <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">stimulus blitz</a> on September 24, jolting the markets to try to reverse the previously downbeat narrative on the world's second-largest economy.Right from the start, skeptics said it's just not enough to fix China's problems, which include an unprecedented <a target="_blank" class="" href="https://www.businessinsider.com/china-evergrande-property-real-estate-crisis-debts-collapse-what-happens-2024-2">property downturn,</a> <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-markets-deflation-chart-investors-consumer-prices-outlook-beijing-2024-3">deflation,</a> and a <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7">crisis of confidence,</a> among other issues.But it's likely not the last economy-boosting package, said some economists, because China is a top-down system — and the boss has called for it."As saving the economy and rescuing stock markets become politically correct, officials could jump on the bandwagon to display their loyalty," economists from Japanese bank Nomura wrote in a Wednesday note.Various Chinese ministries and local governments are likely to roll out a variety of stimulus measures in the coming weeks — useful or not, they added. After all, it's China, and there are consequences for not following the drumbeat."Moral suasion in China has somewhat more force than elsewhere. Chinese companies live and die based on whether they are singled out as policy favorites, CEOs sometimes literally," wrote Freya Beamish and Rory Green, economists from Global Data.TS Lombard, in a September 26 note.For a start, companies could get some cheap funding from Cina's central bank — announced as part of the initial package to support the stock market — as a "good way for currying favor," they wrote.Boosting stock market sentiment would also help with consumer confidence and inject money into companies, Ben Harburg, the managing partner of MSA Capital, a Saudi Arabia-backed venture capital firm based in Beijing, told Business Insider.The momentum appears to be underway.A day after the first stimulus was announced, Beijing announced a rare one-time cash handout for the poor. A day later, a meeting of top leaders addressed economic issues.The Chinese government's drive to fire up its economy may not be smooth — or enough — given the scale of its issues. On the flip side, officials may also do too much and cause new problems.<h2 id="e2729d41-4f91-4119-94e7-aa6acbb6d975">But what about the epic property crisis?</h2>China still has a massive property problem that's unlikely to be solved with one set of stimulus measures.A few days after the PBOC's first announcement, <a target="_blank" class="" href="http://politics.people.com.cn/n1/2024/0926/c1024-40328810.html">China's top leaders</a> called time on the real-estate crisis, pledging measures to stabilize the market and halt the decline.In some countries, this could just be lip service. In China, this is a top-down directive to technocrats to get to work on the pledged goals, including limiting new housing supply, increasing lending to projects on a <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-property-real-estate-crisis-white-list-bank-loans-2023-11">"white list,"</a> and lowering mortgage rates."The most important change there is the new goal: stop the decline in housing," wrote Larry Hu, the head of China economics at Macquarie Group, in a Thursday note.He wrote the central government may have to become "the buyer of the last resort" under a program to absorb <a target="_blank" class="" href="https://www.businessinsider.com/china-empty-homes-real-estate-evergrande-housing-market-problem-2021-10">excess housing capacity</a> and turn vacant units into subsidized housing."For a top-down system like China, the change in the property KPI still matters a lot. With it, bureaucrats will exhaust all the policy tools to make it happen," wrote Hu.Some economists even view the property support measures as a turning point."We regard China's recent stimulus actions as the initial stages of a genuine policy pivot, particularly regarding the way authorities may be thinking about the economy," wrote Magdalena Polan, the head of emerging market macroeconomic research at asset manager PGIM Fixed Income, in a Friday note.She added that while the party line is still that <a target="_blank" class="" href="https://www.businessinsider.com/china-real-estate-property-market-speculation-debt-crackdown-xi-jinping-2023-8">property is not for speculation, </a>the easing of purchase restrictions in some cities "demonstrates some willingness to expand pockets of residential real estate investment.""The intent is unlikely to revive real estate to the point where it drives a domestic wealth effect. Rather, it is likely aimed at clearing the market from excess inventory in an effort to stop property prices from declining further," Polan added.It's a tricky balance.For decades, China's growth has been driven by debt-fueled real estate investment. But now, Beijing has set its sights on the <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-new-growth-areas-electric-vehicles-batteries-solar-property-2024-1">hot new industries</a> of electric vehicles, solar cells, and lithium batteries for its economic future.It has to somehow engineer that transition."China certainly has to kind of go through this growing pain of evolving this economy to something different than it was dependent upon for last couple decades," said Harburg.<h2 id="db01a3ff-8d3d-4879-9a78-772de544351f">The danger: Messy and overzealous policy implementation</h2>Even though China's technocrats may move mountains to boost the country's economy, it could get messy, said Nomura's economists."Many of those measures might have a limited impact on stabilizing growth and solving real problems," they wrote."Some of those policies might, at best, boost growth for only a short period of time while failing to clean up the mess in the property markets and address many of the structural issues including the fiscal predicament."It doesn't help that Chinese officials have a history of <a target="_blank" class="" href="https://www.businessinsider.com/china-crackdown-regret-central-economic-work-conference-readout-analysis-economy-2023-12">overzealous policy implementation.</a> Just look at the crackdowns on real estate, <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-big-tech-crackdown-investment-cost-trillion-alibaba-tencent-2023-7">tech,</a> and <a target="_blank" rel="" href="https://markets.businessinsider.com/news/stocks/china-education-stocks-tutoring-regulations-tech-shares-jpmorgan-2021-7">tutoring</a> over the last few years.China's stock markets, which are dominated by retail investors fixated on social media, are blistering hot. On September 30, the mainland's benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/index/csi-300">CSI 300</a> capped its best day since 2008 before a weeklong break. Now, there are fears that it could be running ahead of itself.Since the PBOC's initial announcement, Hong Kong's <a target="_blank" class="" href="https://markets.businessinsider.com/index/hang_seng">Hang Seng Index</a> has gained 30% while the mainland's benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/index/csi-300">CSI 300</a> climbed 25%. China's stock markets are closed for weeklong National Day public holidays and are set to reopen on Tuesday."Stimulus measures could add more fuel to the fire when stock markets are already heated. In fear of a repeat of 2015, Beijing may eventually become sufficiently concerned to reduce both monetary and fiscal stimulus measures and may even be forced to take actions to cool down the overheating," warned economists at Nomura, referring to a <a target="_blank" class="" href="https://www.businessinsider.com/shanghais-crashing-stock-market-has-lost-2-trillion-more-than-the-value-of-all-german-stocks-in-17-days-2015-7">stock market collapse in 2015.</a>

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