Fri, March 29, 2024

Mainland Chinese Stocks Saw Losses on the Day

Economy and stocks

It was a tough day for mainland Chinese stocks. The Shanghai Composite dropped 0.58% to around 3,384.98 and the Shenzhen Component fell 0.828% to about 13,772.37.

However, South Korea’s Kospi index gained 1.33% to 2’395.90.

In Japan, Nikkei 225 added 0.94% to close at 23’465.53. At the same time, the Topix index gained 0.48% to 1’631.24.

The S&P/ASX 200 in Australia added 0.81% to 6’112.60.

Two days ago, in the U.S. the S&P 500 gained 1.5% to end its trading day at 3’580.84. It is worth mentioning that, the Nasdaq Composite gained 1% to 12’056.44.

Moreover, the Dow Jones Industrial Average saw its first close above 29’000 since February as it advanced 454.85 points or 1.6% to 29’100.50.

Stocks and the economy of China

china and stock market

As can be seen from the data stated above mainland Chinese stocks fell on Thursday.

Interestingly, China’s services sector activity expanded into a fourth straight month in August. The Caixin/Markit services’ Purchasing Managers Index dropped to 54.0 from July’s 54.1. People should keep in mind that, the 50-mark separates monthly growth from contraction.

Importantly, stocks were mixed on September 3, as investors reacted to the news regarding the regional economic data.

Importantly, the recovery process of the services sector which accounts for 60% of the economy and half of the urban jobs, is not over yet. Nevertheless, the recovery has gathered pace in recent months as authorities lifted restrictions on public gatherings.

Hopefully, service firms remained optimistic regarding business prospects as the local economy continues to recover from the pandemic. Nevertheless, a sub-index for confidence in the year fell from July’s multi-year high.

Interestingly, many analysts expect China to be the only major economy to reach annual growth in 2020. The world’s second-largest economy has the potential to reach this goal, despite all challenges. However, it will be harder for other countries to overcome their problems.

YOU MAY ALSO LIKE

Wibest – NZD/USD: New Zealand dollar notes and coins.

Quick Look: NZD/USD drops below 0.6000 due to a stronger USD and

Dollar edges back from a 16-month peak

Quick Look: The dollar strengthens against major currencies before the crucial U.S.

Ford

Quick Look: CVA Family Office LLC snaps up 4,559 shares of Ford

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Your email address will not be published.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

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in