Chinese shares, including AI stocks, rise due to AI company partnerships

From Hindustan Times: 2024-06-26 05:41:24

Chinese shares saw a rebound with gains in artificial intelligence stocks, despite concerns over domestic economic data. The CSI AI Index surged 3.7% as domestic AI companies sought users of OpenAI’s technology, while the CSI300 index hit a four-month low. U.S. firm to restrict API access in China and other countries.

Investors in Asia are cautious as Federal Reserve comments cap near-term U.S. rate cut expectations. Focus now shifts to the U.S. personal consumption expenditures price index release on Friday, with economists expecting annual growth to ease to 2.6% in May. Shanghai Composite index closed up at 2,972.53, with the CSI300 index also up.

The Hang Seng index closed up at 18,089.93, with the Hang Seng China Enterprises index rising. The Shenzhen index and ChiNext Composite index ended higher, while MSCI’s Asia ex-Japan stock index was also firmer. The Nikkei index in Japan closed up as well, in response to the news.



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