Chi­nese shares end lower on Wed­nes­day, im­pacted by US stock mar­ket rout

Global Times US Edition - - BIZMARKETS -

Chi­nese shares closed lower on Wed­nes­day, af­ter a slump in morn­ing trad­ing dragged down by the sharp de­cline of US stocks overnight.

At the close, the blue-chip CSI300 in­dex was down 0.5 per­cent at 3,252.00, while the bench­mark Shang­hai Com­pos­ite In­dex went down 0.61 per­cent to 2,649.81 points.

The Shen­zhen Com­po­nent In­dex closed 0.32 per­cent lower at 7,928.51 points.

Asian stocks slid across the board on Wed­nes­day, dragged down by Wall Street’s tum­ble as sharp de­clines in long-term US Trea­sury yields and resur­gent trade con­cerns stoked in­vestor wor­ries about global eco­nomic growth.

Spread bet­ters ex­pected Euro­pean stocks to open lower, with Bri­tain’s FTSE los­ing 0.9 per­cent, Ger­many’s DAX fall­ing 1.2 per­cent and France’s CAC re­treat­ing 1 per­cent.

Global eq­ui­ties have been shaken as a flat­ten­ing US Trea­sury yield curve fans wor­ries about a re­ces­sion, and on grow­ing doubts that China and the US will be able to clinch a sub­stan­tive trade deal dur­ing a tem­po­rary cease-fire agreed at the week­end.

The Dow re­treated 3.1 per­cent and the NAS­DAQ sank 3.8 per­cent on Tues­day. US fi­nan­cial shares, which are par­tic­u­larly sen­si­tive to bond mar­ket swings, dropped 4.4 per­cent.

Fol­low­ing Wall Street’s overnight tum­ble, S&P e- mini fu­tures ESc1 nudged up 0.3 per­cent in Asian trade on Wed­nes­day.

Sig­nals from the Fed­eral Re­serve last week that it may be near­ing an end to its three­year rate hike cy­cle has pushed the 10-year US Trea­sury yield to three-month lows be­low 3 per­cent.

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