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Market Update: China Shanghai Composite Down 0.5%
The Shanghai Composite Index lost 18 points or 0.5% to 3,581 in early trade on Tuesday, off from near 4-month highs, as traders were downbeat following reports that there were 33 new COVID-19 cases in the mainland on Monday, up from 19 a day earlier. News that Beijing stepped up a crackdown on bitcoin trading and mining also rattled risk appetite, along with reports that a slew of crypto-related accounts in Chinas Twitter-like Weibo platform was blocked over the weekend. In the US, the Dow Jones finished in the red overnight as investors await fresh CPI reading. On the trade front, China’s imports rose the most in ten years in May, amid surging demand for raw materials, while export growth slowed more than expected on disruptions caused by COVID-19 cases at the country’s major southern ports. In business news, Apple’s new feature designed to give users more privacy when browsing the web will not be available in China for regulatory reasons. [/s2If]
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