China Stock Market Expected to Open Lower
The Chinese stock market has been on a downward trend for several days, losing nearly 40 points or 1.4% recently. The Shanghai Composite Index is now just above the 2,800-point mark and is expected to continue its decline on Wednesday.
Global concerns about the economy are weighing on Asian markets, following sharp losses in European and U.S. markets.
On Tuesday, the Shanghai Composite Index fell by 8.06 points or 0.29%, ending the day at 2,802.98. It traded between 2,794.91 and 2,814.90. The Shenzhen Composite Index, however, rose by 16.03 points or 1.06%, finishing at 1,530.73.
Notable movers include:
- Industrial and Commercial Bank of China: down 3.03%
- Bank of China: down 2.32%
- China Construction Bank: down 2.14%
- Agricultural Bank of China: down 4.48%
- PetroChina: down 3.33%
- Sinopec: down 4.30%
- China Shenhua Energy: down 2.19%
- Gemdale: up 8.33%
- Poly Developments: up 0.51%
- China Vanke: up 1.56%
The U.S. stock market had a rough day, with major indices falling sharply. The Dow Jones Industrial Average dropped 626.15 points or 1.51%, closing at 40,836.93. The NASDAQ plunged 577.33 points or 3.26%, ending at 17,136.30. The S&P 500 fell 119.47 points or 2.12%, closing at 5,528.93.
This decline follows reports showing a continued decrease in U.S. manufacturing activity for August and a modest drop in construction spending for July. Additionally, uncertainty about future interest rate cuts contributed to the sell-off.
Oil prices also fell sharply, reaching a nine-month low. West Texas Intermediate Crude oil futures for October dropped by $3.21 or 4.4%, ending at $70.34 per barrel.
Tags: China stock market, Shanghai Composite Index, global economy, Wall Street, U.S. manufacturing activity, oil prices, interest rates, stock market news, economic forecast
