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Market Update: China Shanghai Composite Edges Lower
The Shanghai Composite Index was down 3 points or nearly 0.1% to 3,523 in early trade on Friday and is on track to fall 0.2% for the week, after the US Fed said Wednesday that it expect two rate hikes by the end of 2023 and that the discussion about scaling back bond purchases will likely start soon. Investors were also wary of reports that initial jobless claims rose to 412K, the first gain in seven weeks. Market participants paid little attention to news that the White House will consider arranging talks between President Joe Biden and his Chinese counterpart, Xi Jinping, amid disputes from trade to human rights. On the pandemic front, the mainland logged 23 new COVID-19 cases on Thursday, up from 19 a day earlier. In business news, Chinese apps could face subpoenas or bans under Biden’s executive order, according to Reuters quoting people familiar with the matter. Loosers were mainly seen for consumer non-cyclicals, energy, and utilities. [/s2If]
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