China Stock Market Set for More Losses Amid Global Economic Worries
Market Overview
The Chinese stock market has been declining for several days, losing about 40 points or 1.4%. The Shanghai Composite Index is now just above 2,800 points and is expected to fall further on Wednesday.
Global Impact
Global economic concerns are affecting Asian markets, following sharp declines in European and U.S. markets.
Tuesday’s Performance
- Shanghai Composite Index: Down 8.06 points (0.29%), closing at 2,802.98.
- Shenzhen Composite Index: Up 16.03 points (1.06%), ending at 1,530.73.
Key Stocks
- Industrial and Commercial Bank of China: -3.03%
- Bank of China: -2.32%
- China Construction Bank: -2.14%
- Agricultural Bank of China: -4.48%
- PetroChina: -3.33%
- Sinopec: -4.30%
- China Shenhua Energy: -2.19%
- Gemdale: +8.33%
- Poly Developments: +0.51%
- China Vanke: +1.56%
U.S. Market Decline
In the U.S., major stock indices fell significantly:
- Dow Jones: Down 626.15 points (1.51%), ending at 40,836.93.
- NASDAQ: Down 577.33 points (3.26%), closing at 17,136.30.
- S&P 500: Down 119.47 points (2.12%), finishing at 5,528.93.
Reasons for Decline
The drop followed reports of continued decreases in U.S. manufacturing activity and a slight decline in construction spending. Uncertainty about future interest rate cuts also contributed to the market drop.
Oil Prices
Oil prices fell sharply to a nine-month low. West Texas Intermediate Crude oil futures for October dropped $3.21 (4.4%), ending at $70.34 per barrel.
