Business
Chinese Stocks Plunge to 7-Month Low Amid Growth Fears and Central Bank’s Easing Hint; Hong Kong Market Shuts Down Due to Typhoon Yagi
Shares in China plummet to their lowest level in seven months amid worries over economic growth following suggestions of policy easing from the People's Bank of China. Meanwhile, markets in Hong Kong remain shut due to Typhoon Yagi.
Trading in Hong Kong's market was suspended on Friday due to a typhoon.
The Shanghai Composite Index experienced a 0.8% decrease, closing at 2,765.81, which represents its lowest point since February 5th. Over this week, the index saw a 2.7% drop, marking the third consecutive weekly decline. Likewise, the CSI 300 Index suffered a 0.8% loss, with the Shenzhen Composite Index diminishing by 1.6%.
The Hang Seng Index ended the abbreviated trading week with a 3 percent drop, spurred by concerns over China's faltering economy and a series of unsatisfactory profit reports.
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