EconomyLens.com
No Result
View All Result
Saturday, September 6, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Markets

Chinese shares drop on stimulus upset, Asia tracks Wall St higher

Thomas Barnes by Thomas Barnes
October 9, 2024
in Markets
Reading Time: 8 mins read
A A
0
56
SHARES
704
VIEWS
Share on FacebookShare on Twitter

Shares in Hong Kong extended losses Wednesday after plunging more than nine percent the day before. ©AFP

Hong Kong (AFP) – Stocks in mainland China and Hong Kong tumbled Wednesday on another volatile day after Beijing disappointed investors over a lack of fresh stimulus and scant detail on its plans for implementing a raft of measures already unveiled. After blockbuster performances in the wake of last month’s announcements to kickstart growth, traders were left deflated Tuesday after a news conference that fell short of expectations and revived worries about the outlook.

Related

US jobs data boosts rate cut hopes but stocks slide

Stocks rise, dollar drops as US jobs data boosts rate cut hopes

Asian, European markets rally ahead of US jobs data

Asian, European markets rally ahead of US jobs data

Asia markets mixed as Chinese stocks lose steam

A rally on Wall Street, helped by a plunge in oil prices and optimism over the US economy, did little to lift sentiment on Chinese trading floors, though most other markets in Asia enjoyed gains. Investors are now keeping tabs on developments out of Beijing, hoping for more indications about officials’ plans, though analysts warn there is unlikely to be the big “bazooka” stimulus akin to the support seen during the global financial crisis.

Shehzad Qazi at China Beige Book said the news conference “underscored that Beijing does not feel the need to do ‘whatever it takes’.” Instead, it’s opting for targeting stimulus — including allocating funds for projects previously announced. The irony is markets would’ve continued rallying had there been no press conference. “The only upside of (Tuesday’s) event was injecting a much needed dose of reality.”

Hong Kong had soared more than 20 percent between the first batch of measures being announced and Monday, but it collapsed more than nine percent Tuesday — its worst day since 2008. After swinging in the morning, the Hang Seng Index fell more than one percent by the break Wednesday as traders struggled to get back on track. Shanghai fell more than five percent — having seen a 10 percent opening rally Tuesday pared to just over four percent by the end of the day.

Still, most other markets in the region rose as investors took their lead from New York, where tech firms led the way on optimism over the world’s top economy in the wake of Friday’s forecast-topping jobs data. Tokyo rose, with Seven & i Holdings — the owner of the 7-Eleven convenience store chain — piling on 12 percent at one point after a report said Canada’s Alimentation Couche-Tard had hiked its takeover offer for the company by almost 20 percent to $47.2 billion. It later eased back to sit almost five percent higher. Sydney, Singapore, Taipei, Wellington, Bangkok, and Mumbai also rose, though Manila and Jakarta dipped.

While the US jobs figures dented expectations for a second successive bumper interest rate cut this month, they did temper worries about a possible recession. US consumer and producer prices data towards the end of the week should provide further clues on the interest rate outlook, while third-quarter earnings season kicks off on Friday.

Oil prices inched up but made little headway into the losses of almost five percent suffered in the previous session that came on the back of doubts about Chinese demand and after Israel faced international pressure not to strike Iranian crude installations. Fears about Tel Aviv’s response to Iran’s missile attack last week had sent the commodity soaring Monday to their highest levels since August. Healthy US stockpiles and expectations of ample supply both in and out of OPEC also weighed on the black gold.

– Key figures around 0400 GMT –

Shanghai – Composite: DOWN 5.3 percent at 3,304.84 (break)

Hong Kong – Hang Seng Index: DOWN 1.4 percent at 20,635.11 (break)

Tokyo – Nikkei 225: UP 0.7 percent at 39,196.43

West Texas Intermediate: UP 0.3 percent at $73.78 per barrel

Brent North Sea Crude: UP 0.4 percent at $77.47 per barrel

Euro/dollar: DOWN at $1.0969 from $1.0981 on Tuesday

Pound/dollar: DOWN at $1.3090 from $1.3100

Dollar/yen: DOWN at 148.25 yen from 148.29 yen

Euro/pound: UP at 83.80 pence from 83.79 pence

New York – Dow: UP 0.3 percent at 42,080.37 (close)

London – FTSE 100: DOWN 1.4 percent at 8,190.61 (close)

© 2024 AFP

Tags: ChinaHong Kongstock market
Share22Tweet14Share4Pin5Send
Previous Post

The US economy is solid: Why are voters gloomy?

Next Post

Boeing suspends negotiations with striking workers

Thomas Barnes

Thomas Barnes

Related Posts

Markets

Asia markets tick up after Wall Street rebound

September 4, 2025
Markets

Global bond selloff spreads to Japan, gold hits record high

September 3, 2025
Markets

Gold rushes to new high as Asia stocks mixed

September 2, 2025
Markets

Stocks slide as US inflation clouds rates outlook

September 1, 2025
Markets

Asia stocks mixed after Wall St hits new highs

August 29, 2025
Markets

US stocks reach new peaks as investors digest US GDP

August 29, 2025
Next Post

Boeing suspends negotiations with striking workers

Can carbon credits help close coal plants?

Your 'local everything': what 7-Eleven buyout battle means for Japan

7-Eleven owner's shares spike on report of new buyout offer

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

77

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

US Open offers home court advantage to top brands

September 6, 2025

AI giant Anthropic to pay $1.5 bn over pirated books

September 6, 2025

EU massive fine against Google draws Trump threat

September 6, 2025

US agents arrest 475 in raid on Hyundai-LG plant

September 5, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.