Economics
Chinese Stocks Advance for Second Day Before Xi's Visit to U.S.
- Industrial companies rally on speculation of increased orders
- Flash PMI is expected to signal manufacturing contraction
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China’s stocks rose for a second day, led by industrial and technology companies, as President Xi Jinping headed to the U.S. for his first state visit.
The Shanghai Composite Index gained 1.9 percent to 3,156.54 at the close, reversing a drop of 1.2 percent as volatility hovered near the 18-year highs reached last week and trading volumes slumped 36 percent from the 30-day average. China Railway Group Ltd. and XCMG Construction Machinery Co. surged more than 7 percent in Shanghai. During Xi’s visit from Sept. 22-25, China and the U.S. are expected to reach agreements on trade, energy, climate, finance, aviation, defense and infrastructure construction, Foreign Minister Wang Yi said.