Chinese stocks await GDP data

0

China’s stock market fell again on Thursday, a day after snapping a three-day losing streak in which it fell more than 80 points or 2.6%. The Shanghai Composite Index now sits just above the 3,280-point plateau and is expected to open flat on Friday.

The global forecast for Asia markets is mixed on the downside due to lingering concerns about inflation, recession and interest rates. European and US markets were mostly down and Asian exchanges are expected to follow suit.

The SCI ended slightly lower on Thursday after losses in financials, properties, resource stocks and energy producers.

For the day, the index lost 2.55 points or 0.08% to end at 3,281.74 after trading between 3,261.49 and 3,299.25. The Shenzhen Composite Index gained 17.11 points or 0.79% to end at 2,192.70.

Among assets, Industrial and Commercial Bank of China slipped 1.13%, while Bank of China fell 1.82%, China Construction Bank fell 1.59%, China Merchants Bank plunged 3, 75%, Bank of Communications fell 1.53%, China Life Insurance fell 1.08%, Jiangxi Copper fell 0.36%, Aluminum Corp of China (Chalco) fell 0.88%, Yankuang Energy rose 0.77%, PetroChina lost 0.39%, China Petroleum and Chemical (Sinopec) fell 0.25%, Huaneng Power fell 9.59%, China Shenhua Energy gained 0, 68%. percent, Gemdale cratered 5.95 percent, Poly Developments rose 0.12 percent, China Vanke crashed 3.01 percent, China Fortune Land weakened 2.57 percent and Beijing Capital Development fell 2.15 percent.

Wall Street’s lead is mixed and flat as the major averages shrugged off a sharply lower open on Thursday, improving as the day progressed and ending little changed on opposite sides of the line.

The Dow Jones lost 142.62 points or 0.46% to end at 30,630.17, while the NASDAQ rose 3.60 points or 0.03% to close at 11,251.19 and the S&P 500 rose. slipped 11.40 points or 0.30% to end at 3,790.38.

Wall Street’s early weakness reflected disappointing results from financial giants JPMorgan Chase (JPM) and Morgan Stanley (MS), both of which missed expectations.

Worries about inflation and rising interest rates also continued to weigh on markets after the Labor Department reported that U.S. producer prices rose more than expected in June.

Another report from the Labor Department showed that initial jobless claims in the United States rose unexpectedly last week.

Crude oil prices fell on Thursday as worries about the outlook for energy demand resurfaced amid fears of a possible recession due to rising interest rates. West Texas Intermediate crude oil futures for August ended down $0.52 or 0.5% at $95.78 a barrel.

Closer to home, China is expected to release a slew of data this morning, including Q2 figures for gross domestic product and June figures for industrial production, retail sales, fixed asset investment, oil prices. real estate and unemployment.

GDP is expected to fall 1.5% quarter on quarter and rise 1.0% year on year after gaining 1.3% quarter on quarter and 4.8% year on year in the previous three months. Industrial production should increase by 4.1% year on year, against 0.7% in May.

Retail sales are seen as flat year on year after falling 6.7% the previous month. FAI is expected to improve by 6.0% year-on-year, compared to 6.2% a month earlier. House prices fell 0.1% year-on-year in May, while the unemployment rate was 5.9%.

For comments and feedback, contact: [email protected]

Market analysis

Share.

About Author

Comments are closed.