Tue, May 21, 2024

Chinese Stocks Fell As China Didn’t Lower Interest rates

Investors and Asia

Without a doubt, it was not an easy day for stocks in Asia-Pacific. They mostly fell on Friday, as China did not lower interest rates despite analysts’ expectations for more stimulus.

Investors closely monitored mainland Chinese stocks, with many major markets in the region closed for the Good Friday holiday.

Mainland Chinese stocks have been under pressure for much of the past week, as the country faces the worst Covid-19 outbreak since the start of the pandemic. The country’s commercial hub  remains under lockdown. Authorities in Shanghai are struggling to control the situation.

Mainland Chinese stocks declined on Friday. The Shanghai composite dropped 0.45% to end its trading day at 3,211.24. The Shenzhen component fell 0.56% to close at 11,648.57. 

Even though investors were hoping for more policy support ahead, China decided not to lower interest rates on Friday. The country’s central bank left medium-term rates unchanged despite expectations for more stimulus given the Covid-induced slowdown.

Markets in Hong Kong, Australia, India, and New Zealand are closed for the Good Friday holiday. 

In economic data, China released home prices data, which showed the world’s second-largest economy’s new residential prices stalling for a second straight month in March. Notably, they rose 1.5% compared to a year ago.

In Japan, the Nikkei 225 dropped 0.29% to close at 27,093.19. The Topix fell 0.62% to end its trading day at 1,896.31. Shares of SoftBank Group dropped 1.21% and Sony fell 2.52%.

South Korea’s Kospi also declined on Friday. It fell 0.76% to close at 2,696.06. 

U.S. stocks on Thursday 

U.S. stocks declined on Thursday. The S&P 500 and Nasdaq Composite fell, capping a losing week as investors analyzed earnings results from major banks and rising inflation.

The S&P 500 dropped 1.21% to 4,392.59. The Nasdaq Composite declined 2.14% to 13,351.08. In the meantime, the Dow Jones Industrial Average fell 113.36 points, or 0.33% to 34,451.23.

YOU MAY ALSO LIKE

The mechanics of compounding. wix.com

Quick Look: Market cap of $9.35B, the stock price at $168.02, nearing

natural gas

Quick Look: Natural gas prices surged due to geopolitical tensions and increased

oil prices concept crude oil spilling out of a contianer, qatar

Quick Look: Qatar projected at 1.3% for 2023, rising to 1.75% for

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who

BROKER NEWS

Broker News

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who will