Other Asian markets fell, but the U.S. dollar held steady as investors became concerned that interest rates will continue to rise due to the U.S. CPI and central bank officials’ comments. Meanwhile, while the U.S. Navy inspected the wreckage of a suspected Chinese surveillance balloon it shot down earlier this month, a diplomatic breach between China and the U.S. widened. Beijing accuses Washington of shooting down high-altitude balloons that enter its territory and those of other nations.
Following other Asian markets lower on Wednesday after U.S. inflation data came in higher than anticipated, China stocks also declined as geopolitical concerns and China’s economic woes further dampened mood. At the end of the morning session, the Shanghai Composite Index fell 0.3% while China’s blue-chip CSI300 Index fell 0.4%.
The benchmark Hang Seng Index for Hong Kong fell 1.3%, while the Hang Seng China Enterprises Index fell 1.1%. Other Asian markets fell, but the U.S. dollar held steady as investors became concerned that interest rates will continue to rise due to the U.S. CPI and central bank officials’ comments.
Meanwhile, while the U.S. Navy inspected the wreckage of a suspected Chinese surveillance balloon it shot down earlier this month, a diplomatic breach between China and the U.S. widened. Beijing accuses Washington of shooting down high-altitude balloons that enter its territory and those of other nations. After Beijing abandoned its tight zero-COVID policy in December, investors were also looking for additional proof of an economic revival.
“Due to a lack of relevant data and ineffective policy implementation, the market is most likely to range-bound/correct in February and March but (may) climb in 2Q–4Q23. The crucial question is whether China uses new instruments to improve its economy “wrote Jefferies in a note. After China’s official media Economic Daily stated that property regulation should be more precise to target real demand and to prevent a revival of speculation in the market, real estate developers led Wednesday’s slump.
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