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The Hong Kong stock exchange is open for the first time in the Year of the Dragon.The Hang Seng Index is up 1.1% early in the trading session.
This rally comes after China officially reported GDP grew at its slowest pace in 2 1/2 years. Yesterday, the IMF slashed global growth estimates including those of China.
Historically, the Years of the Dragon are good ones for stocks. And its for good reason. Many people who recogize the Chinese Zodiac wait to marry, buy houses, and have children during the Year of the Dragon. That’s a lot of spending.