Chinese stocks edged down, though shares of brokerages climbed earlier after the country removed a foreign investment limit in its capital markets. In addition, China separately released a list of items approved for tariff exemptions that did not include soybeans and pork, as some had expected. The measures planned by Beijing will benefit some companies from China and U.S., Global Times editor Hu Xijin said in Twitter post. Moutai slumped, as several channel check sources suggested the retail price was dropping by 10%. Bank and Coal sectors led the gains, while Food& Beverage and Agriculture sectors led the falls. Combined turnover for both markets is CNY 642 billion, down 10.1% dod.
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*The ECB policy meeting Thursday is widely expected to see a cut to interest rates and a review of all options, including QE. Policy makers will also publish forecasts for growth and inflation. ECB President Mario Draghi will hold a press conference. (Bloomberg)
*Tencent-Backed Secondhand Goods Trading Platform Secures $300 Million in Series B. China’s well-known secondhand-goods trading platform Zhuanzhuan, which is controlled by New York-listed local life service platform 58.com, has raised $300 million in its latest Series B financing round, an official release said Wednesday. (Caixin)
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