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Market Update: Chinese Shares Close Near 3-Week Lows
The Shanghai Composite Index dropped 33.19 points or 0.92% to 3556.56 on Tuesday, returning to trade after a public holiday in the previous session and trading near 3-week lows as buying support from mainland investors waned after the Group of Seven and Nato rebuked China over its economic and military plans. Market participants were also cautious amid a surge in US inflation that may prompt the Federal Reserve to consider raising interest rates sooner than expected. In recent data, vehicle sales in China fell 3% yoy in May, snapping a streak of 13 consecutive months of gains since April 2020. Investors now await a slew of Chinese economic data for May later in the week, including industrial output, retail sales, and the jobless rate. In Hong Kong, The Hang Seng Index lost 182.96 points or 0.63% to 28659.17. [/s2If]
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