Chinese stocks dip as investors await PMI data and stimulus news
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The Shanghai Composite declined by 0.61% to close at 3,266.
Chinese stocks dip as investors await PMI data and stimulus news
In comparison, the Shenzhen Component dropped 0.12% to 10,531 on Wednesday, continuing losses from the previous session as investors cautiously awaited the latest PMI reports to gauge the effectiveness of recent stimulus measures. Traders are also focused on the upcoming National People’s Congress, set for November 4-8, with expectations for announcements regarding debt and other fiscal initiatives. Reports indicate that China is considering a stimulus package exceeding 10 trillion yuan to rejuvenate the economy.
Chinese stocks decline ahead of PMI data and stimulus announcements
Despite the Chinese authorities employing various monetary tools to boost economic growth, the lack of substantial fiscal measures has overwhelmed the markets. Notable declines were observed in major companies such as East Money Information (-2.8%), Dawning Information (-2%), and Contemporary Amperex (-1.5%).
