The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
webinar-thumb-1108
Estate Planning: Building a Legacy for the Future 
November 8, 2022
Webinar-mobile-desktop-267x320-1
Outlook 2022: Recover. Restart. Rebalance.
March 31, 2022
View All Webinars
Downloads
grocery-shopping-cart-as
Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibility 
DOWNLOAD
Commuters-aa
Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
DOWNLOAD
rates-bonds-market-ss
The Radar
An opportunity to add duration
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investment Path Advisory
  • On Government Debt Thresholds: How Much is Too Much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
webinar-thumb-1108
Estate Planning: Building a Legacy for the Future 
November 8, 2022
Webinar-mobile-desktop-267x320-1
Outlook 2022: Recover. Restart. Rebalance.
March 31, 2022
View All Webinars
Downloads
grocery-shopping-cart-as
Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibility 
November 22, 2023 DOWNLOAD
Commuters-aa
Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
November 10, 2023 DOWNLOAD
rates-bonds-market-ss
The Radar
An opportunity to add duration
November 9, 2023 DOWNLOAD
View all Reports
Currencies 2 MIN READ

China, HK stocks fall on dismal economic outlook, COVID woes

September 1, 2022By Reuters
Related Articles
Gold rises after China data boosts yuan against dollar September 15, 2023 Hair today, art tomorrow: Filipino salon owner uses own hair to create portraits March 23, 2022 Stocks jump as US earnings pick up, dollar falls for third session July 19, 2022

Sept 1 (Reuters) – China and Hong Kong stocks ended lower on Thursday, tracking lacklustre performances in other Asian markets, as fresh COVID-19 cases in the mainland worsened an already grim global economic outlook.

China’s blue-chip CSI300 index fell 0.9% to 4,043.74 points, while the Shanghai Composite Index ended 0.5% lower at 3,184.98 points.

In Hong Kong, the Hang Seng index dropped 1.8% to 19,597.31 points.

MSCI’s broadest index of Asia-Pacific shares outside Japan slumped 1.9%, following overnight losses on the Wall Street, amid fresh signs of economic weakness.

Regional purchasing managers’ indexes from South Korea, Japan and China all pointed to slowing global economic activity as stubborn inflation, rising interest rates and the war in Ukraine took a heavy toll.

Although inflation in China is modest and the country’s interest rates keep falling, COVID-19 cases and a deteriorating property crisis threaten nascent economic recovery.

The southern Chinese tech hub Shenzhen tightened COVID-19 curbs, as cases continued to mount on Thursday.

Chinese stocks rose earlier in the day on hopes of fresh economic stimulus, but were knocked down following news reports that Chengdu – the capital city of southwestern Sichuan province – will conduct mass COVID-19 testing from Thursday to Sunday.

“With virus disruptions spreading again, foreign demand cooling, the property sector still in a downward spiral and stimulus failing to gain traction there are few reasons to expect a near-term turnaround,” wrote Julian Evans-Pritchard, senior China economist at Capital Economics.

China’s CSI Tourism Index tumbled 4%, the most in two months, on fears that the worsening COVID situation will continue to damp appetite for travel.

Banking stocks also fell after China’s biggest lenders signalled wounds from the country’s property debt crisis.

Hong Kong shares fell across the board, with consumer .and industrial firms leading the losses.

 

(Reporting by the Shanghai Newsroom; Editing by Sherry Jacob-Phillips)

This article originally appeared on reuters.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2021 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up