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Market Update: China Shanghai Composite Extends Gains
The Shanghai Composite Index gained 8 points or 0.2% to 3,565 in early deals on Wednesday, rising for the third straight session and tracking US stocks that ended higher for the second day, amid hopes that the Federal Reserve would not pull back its stimulus despite signaling it was ready to deal with inflation. In setting upcoming monetary policy, Fed Chief Powell pledged that the central bank would keep its eyes focused on a broad set of labor market statistics. Traders paid little attention to reports that Beijing condemned Washington as the region’s greatest security “risk creator” after a US warship again sailed through the waterway that separates Taiwan from China. In business reports, Chinese unicorn Dingdong, backed by SoftBank Vision Fund II, is aiming for a more than $6 billion valuation in its New York debut, according to Reuters. Shares in the technology sector, consumer staples, and healthcare were mainly higher. [/s2If]
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