Chinese stocks slide slightly after the news

Chinese stocks slide slightly after the news that “brake the brakes” to stimulate the economy

China’s major stock indexes fell slightly on September 8 after the Vice President of the People’s Bank of China said there would be no large-scale economic stimulus package.

Shanghai Composite on September 8 closed slightly sliding to 3,675.19 points. Photo: AFP

Hong Kong’s Hang Seng Index this afternoon closed down 0.12% to 26,320.93 points. Notably, shares of China’s real estate “debt bomb” listed in Hong Kong today recovered 3.92% after plunging nearly 5% since the beginning of the week. China Evergrande shares have been sliding on the Hong Kong Stock Exchange since last week after the group announced that it was in danger of defaulting on its debt.

Moody’s Investors Service has downgraded China Evergrande’s credit rating on the grounds of “high liquidity and default risks” and Fitch Ratings this morning on September 8 also “degraded” the financial credit of the real estate group. this estate.

Mainland China stocks closed in the red this afternoon, with the Shanghai Composite index sliding slightly to 3,675.19 points and the Shenzhen Component down 0.101 percent to 14,688.08 points.

Earlier, Pan Gongsheng, deputy governor of the Central Bank of China and head of the State Foreign Exchange Administration, said: “China’s monetary policy is still within the normal range.”

CNBC quoted Pan Gongsheng as saying that China will not pursue a large-scale and massive economic stimulus package.

Elsewhere, South Korea’s Kospi closed down 0.77% to 3,162.99 while Australia’s S&P/ASX 200 index fell 0.24% on the day to 7,512.

In contrast, the Nikkei 225 index of Japan today gained 0.89% to close at 30,181.21 points while the Topix index gained close to 0.79% and ended the trading day at 2,079.61 points.

Japan’s economy grew 1.9% in the second quarter of 2021, up from the 1.3% growth initially estimated, according to adjusted data released by the Japanese government today.

Overall, the MSCI Asia-Pacific index (excluding Japan) today dropped 0.61%.

Stocks were mixed last night as concerns about the impact of the Delta variant on the US economy weighed on investor sentiment. Last weekend, investment bank Goldman Sachs downgraded its outlook for US economic growth.

The Dow Jones Industrial Average fell 269.09 points to 35,100 last night and the S&P 500 dropped 0.34% to 4,520.03. Meanwhile, the tech-biased Nasdaq Composite index still inched up to 15,374.33.

Bitcoin price this morning slipped away from the recently established $52,000 mark. According to Coin Metrics data, Bitcoin only hit $44,536.32 at 4:22 a.m. on September 8 (ET). Bitcoin prices fluctuated sharply after El Salvador became the first country in the world to officially recognize this virtual currency as legal tender and circulated with the US dollar.

In the currency market, the US dollar index against other major currencies inched up to 92.66, after approaching 92.4. The Japanese yen slipped and traded at 110.14 JPY to 1 USD, compared with 109.8 JPY/USD yesterday. The Australian dollar weakened against yesterday and changed hands at 1 AUD for 0.7351 USD.

Oil prices traded by Asian hours this afternoon increased slightly. Brent oil futures inched up to $71.72 per barrel while US crude futures rose 0.15% to $68.45 per barrel.