China Stocks end down on inflation woes

The Mainland China share market finished session lower on Wednesday, 10 November 2021, amid renewed inflation concerns after the latest data showed broad-based inflation pressure on both the production side and the consumer side.

At close of trade, the benchmark Shanghai Composite Index fell 0.41%, or 14.54 points, to 3,492.46. The Shenzhen Composite Index, which tracks stocks on China's second exchange, shed 0.25%, or 6.16 points, to 2,430.08. The blue-chip CSI300 index dropped 0.53%, or 25.55 points, to 4,821.19.

ECONOMIC NEWS: China Consumer Prices Up 1.5% On Year In October- China consumer prices were up 1.5% on year in October, the National Bureau of Statistics said on Wednesday, following the 0.7% gain in September. On a monthly basis, consumer prices rose 0.7%, up from the flat reading in the previous month. Producer prices, however, rose more than expected. The producer price index for October surged 13.5% from last year.

 

CURRENCY NEWS: China's yuan was little changed against the U.S. dollar on Wednesday after softer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.3948 per dollar, 0.07% softer than the previous fix of 6.3903. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.3933 late afternoon, 0.01% firmer than the previous late session close.

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