China stocks fall due to US rate concerns and Taiwan tensions, impacting other Asian markets.
From XM Group: 2024-05-24 00:35:10
China’s stock market took a hit on Friday with the Shanghai Composite index falling 0.16% and the CSI300 index dropping by 0.43%. The decline was fueled by US rate concerns and tensions with Taiwan, as China’s military conducted war games around the island. Hong Kong shares also saw a decline, with the Hang Seng Index down 1.27%.
For the week, the CSI 300 has lost 1.4% and the Hang Seng has declined 4.7%. Other indices such as the Shenzhen index, ChiNext Composite index, and STAR50 index were also in the red. Hong Kong shares of Alibaba Group Holding Ltd faced a decline after announcing plans to raise $4.5 billion through convertible bonds.
MSCI’s Asia ex-Japan stock index was weaker by 0.95% and Japan’s Nikkei index fell by 1.06%. Overall, global markets were down amid fears of higher interest rates in the US and geopolitical tensions in Asia. China’s stock market performance is closely watched by investors around the world for signs of economic stability.
Read more at XM Group: China stocks fall on US rate concerns, Taiwan tensions