Thu, May 23, 2024

Global Equities Fall as China’s Economy Slows Further

Chinese stocks and investors

China’s economy expanded at a 3% annual rate last year, less than half the rate projected for 2021.

European stocks fell, while Asian shares were mixed as investors awaited whether the Bank of Japan would change its long-term policy of keeping its key interest rate at -0.11% at the end of a meeting on Wednesday.

After being dragged down by antivirus controls and a real estate slump last year, the Chinese economy is gradually reviving. According to data released Tuesday, the world’s second-largest economy grew 2.9% year on year in December, down from 3.9% the previous month.

To spur recovery, the government has begun to ease technology industry restrictions and provide more assistance to private businesses and the real estate sector.

There are signs of stabilization, with policy support provided near the end of 2022 reflected in the relative resilience of infrastructure investment and credit growth.

The DAX in Germany fell 0.1% to 15,121.32, while the CAC 40 in Paris fell 1 point to 7,042.75. The FTSE 100 in the United Kingdom fell 0.1% to 7,849.74. The S&P 500 futures were 0.3% lower, while the Dow Jones Industrial Average futures were 0.2% lower.

US Markets Were Closed

Monday was a holiday in the United States, so markets did not operate. They ended the previous week with gains.

On Wednesday, US Treasury Secretary Janet Yellen was scheduled to meet with her Chinese counterpart in Switzerland. Yellen and Chinese Vice Premier Liu He intend to discuss economic developments between the United States and China at a time when trade and technology tensions remain high.

In Asian trading, Tokyo’s Nikkei 225 index rose 1.2% to 26,138.68, while Mumbai’s Sensex rose 1% to 60,676.01.

The Hang Seng index in Hong Kong fell 0.8% to 21,577.64, while the Shanghai Composite index fell 0.1% to 3,224.24. In Seoul, the Kospi fell 0.9% to 2,3719.39 points. The S&P/ASX 200 in Australia was unchanged at 7,386.30.

Other types of trading In electronic trading on the New York Mercantile Exchange on Tuesday. US benchmark crude oil fell 53 cents to $79.33 per barrel. On Monday, it rose $1.47 to $79.86 per barrel.

Brent crude, the international trading standard, rose 20 cents to $84.661 per barrel in London.

The dollar was trading at 128.74 Japanese yen, up from 128.513 yen earlier in the day. The euro fell from $1.0822 to $1.0819.

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