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Market Update: Chinese Shares Snap 3 Sessions of Loss
The Shanghai Composite added 7.28 points or 0.21% to 3525.6 on Thursday, snapping 3 sessions of consecutive declines on reports that China’s state planner has approved five fixed-asset investment projects worth CNY 74.9 billion. Traders paid little attention to Wednesday’s data showing growth in Chinas factory output slowed for a third straight month in May, while retail sales and investment growth also came in below market expectations. On the global front, the Fed signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest-rate policies as the economy recovered further from the pandemic. Policymakers indicated they would raise their benchmark interest rates twice by late 2023. In business news, Chinas market regulator has begun an antitrust probe into Didi, just as the ride-hailing company is pushing ahead with an IPO offering in the US this year, reported Reuters. Meantime, the Hang Seng Index added 47.38 points or 0.17% to 28484.22. [/s2If]
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