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Market Update: The SHANGHAI Index dropped 1.07%
The Shanghai Composite Index lost 22 points or 0.6% to a near three-week-low of 3,534 in early deals on Wednesday, tracking Wall Street that ended lower overnight as traders wait to hear whether the Federal Reserve will give any clue about when it may reduce its massive stimulus. Reports that China escalated crackdown on shadow banking activity, with banks and wealth managers can no longer use the money invested in so-called cash management products to buy long-term debt or bonds rated below AA+, also weighed on sentiment. In recent data, US retail sales fell more than estimated in May; while producer prices in the world’s largest economy rose more than expected; and US homebuilder sentiment was at a 10-month low in June, amid rising cost pressure. Market participants now look toward a slew of Chinese economic data for May later in the day, including industrial output, retail sales, and the jobless rate. Among top losers were technology, consumer non-cyclicals, and industrials. [/s2If]
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