Stock market mixed with Chinese indexes down, as investors unimpressed with Beijing's policy moves

From The Gazette: 2024-07-23 06:16:31

World shares were mixed with Chinese shares experiencing their worst day in six months as investors were unenthusiastic about Beijing’s latest policy moves. Germany’s DAX advanced 1% while in London, the FTSE 100 was slightly higher. Chinese markets turned lower, with the Hang Seng losing 0.9% and the Shanghai Composite shedding 1.7%.

Baosteel Iron & Steel Co. fell 2.9% as it acquired Nippon Steel’s 50% stake in their joint venture for $242 million. China’s central bank cut key interest rates by 10 basis points to stimulate the economy. However, these moves did not impress markets seeking more aggressive stimulus to boost the slowing economy.

Taiwan’s Taiex surged 2.8% as Taiwan Semiconductor Manufacturing Co. rebounded. South Korea’s Kospi and Australia’s S&P/ASX 200 also rose. Reports on corporate profits and U.S. economic growth are expected to shape market sentiment. The S&P 500 and Nasdaq saw gains, while Treasury yields modestly rose following Biden’s re-election decision.

In other news, U.S. benchmark crude oil gained 9 cents to $78.49 per barrel, and Brent crude rose to $82.50 per barrel. Copyright 2024 The Associated Press.



Read more at The Gazette: Stock market today: World shares are mixed, Chinese indexes sink, after Wall St snaps losing streak | International