Sun, May 19, 2024

How Stocks Reacted to Chinese Inflation Data

Stock markets and China

It is worth noting that, China is the world’s largest manufacturing economy and exporter of goods. However, the coronavirus that emerged from the Chinese city of Wuhan, caused serious damage not only for the local but the global economy in general. Investors and analysts are closely monitoring the situation in the country. On Thursday, stocks in the Asia Pacific reacted to the news connected with Chinese Inflation Data for June.

Importantly, mainland Chinese stocks continued to strengthen their positions. Moreover, Chinese stocks continued to lead gains among the region’s major markets. The Shanghai Composite added 1.39% to about 3,450.59. In the meantime, the Shenzhen Composite jumped 2.599% to around 13,754.74.

Moreover, Hong Kong’s Hang Seng index added 0.13% as of its final hour of trading, with shares of Chinse tech giant Alibaba listed on the Hong Kong Stock Exchange jumping 5.59%.

Hopefully, Japanese stocks also had a good day. For example, the Nikkei 225 advanced 0.4% to close at 22,529.29 as shares of conglomerate Softbank Group gained 4.52%. Moreover, the Topix index ended its trading flat at 1,557.24.

Also, South Korea’s Kospi index added 0.42% to close at 2,167.90.

Australia’s S&P/ASX 200 gained 0.59% to end its trading day at 5,955.50.

Stocks and various factorsMarkets and risk factors

According to the data provided by China’s National Bureau of Statistics, the producer price index fell 3% year-on-year. Interestingly, that result is lower than expected by analysts. They expected the produced price index to fall by 3.2%.

At the same time, the consumer price index rose 2.5% compared to the same period of time last year.

Unfortunately, it is hard not to mention the coronavirus pandemic, as it continued to affect investor sentiment. The number of cases in the U.S. surpassed 3 million. Moreover, the number of coronavirus cases exceeded 12 million. Driving activity is slowing down across the country, which is not good for the economy.

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