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China Market falls on soft inflation data, Sino-U.S. tensions

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The China share market finished session lower on Thursday, 15 October 2020, amid worries about Sino-US tensions after reports that the Trump administration is considering adding China's Ant Group to a trade blacklist before its high-profile dual listing in Shanghai and Hong Kong.

Meanwhile selloff fueled after factory gate prices fell at a faster-than-expected pace in September and consumer inflation slowed to its weakest in 19 months, indicating continued challenges facing the Chinese economy.

At closing bell, the benchmark Shanghai Composite Index declined 0.26%, or 8.60 points, to 3,332.18. The Shenzhen Composite Index, which tracks stocks on China's second exchange, sank 0.7%, or 16.01 points, to 2,274.39. The blue-chip CSI300 index dropped 0.17%, or 8.36 points, to 4,798.74.

China's state council published on Friday the Opinion on Further Improving the Quality of Listed Companies, which includes exploring more long-term evaluation mechanisms for institutional investors to attract more mid and long-term funds.

CURRENCY NEWS: China's yuan slipped on Thursday, as data showed Chinese inflation remained soft while ongoing Sino-U.

S. tensions also weighed. Prior to the market open, the People's Bank of China set the midpoint rate CNY=PBOC at 6.7374 per dollar, 99 pips firmer than the previous fix of 6.7473. The spot market CNY=CFXS opened at 6.7300 per dollar and was changing hands at 6.7235 at midday, 99 pips weaker than the previous late session close.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 15 2020. 17:44 IST
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