Share Market: Asian shares started the week on a slow note, trading mixed on Monday as China reported that wholesale prices fell in June, among other signs the economy is slowing. Benchmarks in Hong Kong, Shanghai and Mumbai advanced but declined in Tokyo and Sydney. US futures and oil prices declined.
Producer prices fell 5.4 percent in June from a 4.6 percent fall in May, indicating further weakening of demand across many industries as activity in the world’s second-largest economy slows and growth in the US and Europe slows. It is done. There was a barrage of interest rate hikes to bring down inflation.
China’s economy slowed down
China’s economy has slowed faster than expected after an initial jump in growth, as the country recovers from disruptions caused by the COVID-19 pandemic. China’s markets react positively to signs of weakness in anticipation of possible stimulus measures that could make more money available to invest in stocks.
Hong Kong’s Hang Seng rose 0.8 percent to 18,510.77 and the Shanghai Composite index added 0.2 percent to 3,202.06. Tokyo’s Nikkei 225 fell 0.8 percent to 32,126.15, while the Kospi in Seoul fell 0.1 percent to 2,525.85. Australia’s S&P/ASX 200 fell 0.3 percent to 7,018.30.
Read also: Sensex, Nifty trade flat amid weak global trends; Indian rupee falls 8 paise against US dollar
India’s Sensex rose 0.2 per cent, while the SET in Bangkok was down 0.1 per cent.
As expected, US Treasury Secretary Janet Yellen concluded a fence-mending trip to Beijing without major compromises or any breakthrough in strained relations.
But Yellen said the relationship was at a “certain stage” and that the two sides would continue talks despite disputes over a range of issues, including access to advanced technologies, Chinese territorial ambitions and allegations of human rights abuses.
(with PTI inputs)