Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

Chinese Stocks Snap Winning Streak as Global Markets Slip

share with twitter share with LinkedIn share with facebook
07/10/2020 | 05:49am EDT

By Xie Yu and Avantika Chilkoti

China's uninterrupted streak of stock market gains ended Friday, while stock futures pointed to a lower open in the U.S. as jitters mounted about the recovery from Covid-19 lockdowns.

The Shanghai Composite Index closed nearly 2% lower. U.S. stock futures linked to the S&P 500 were down 0.6%. European stocks traded slightly higher, with the Stoxx Europe 600 index up 0.1%

Friday's action interrupted what had been a remarkable run for Chinese stocks. The Shanghai Composite had risen 16.5% over eight straight sessions of gains, the biggest eight-day percentage gain since March 2008, according to Dow Jones Market Data.

Perhaps seeking to avoid a repeat of the stock market bubble and bust of 2015, Chinese authorities have signaled concerns about overshooting, with a state-run financial newspaper stressing the importance of long-term investment.

Friday's fall may have been propelled by actions by state-owned investors. Filings showed that big players such as the National Council for Social Security Fund had unloaded stocks, according to Alvin Ngan, strategist at Zhongtai International Holdings, a Hong Kong-based brokerage.

"The cooling tone from the authorities could take some of the sheen off the frenetic market, " he said.

Global investors appeared to grow increasingly concerned about the impact of the coronavirus spread in the U.S. on the economic outlook.

Investors sought shelter in government bonds Friday. The yield on the 30-year Treasury fell to 1.279%, its lowest since May, and the yield on the 10-year Treasury hit 0.582%, its lowest since April.

In commodities, Brent crude, the international benchmark for oil prices, fell 1.5% to $41.72 a barrel, amid concerns that the rising number of Covid-19 cases could upset any rise in energy demand.

In individual stocks, shares in Carlsberg rose 5% after the Danish brewing company its businesses in Europe and China were rebounding after coronavirus lockdowns.

Write to Xie Yu at Yu.Xie@wsj.com and Avantika Chilkoti at Avantika.Chilkoti@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CARLSBERG A/S 0.00% 928 Delayed Quote.-6.62%
DJ INDUSTRIAL 0.89% 26664.4 Delayed Quote.-7.39%
LONDON BRENT OIL 0.34% 43.85 Delayed Quote.-33.91%
NASDAQ 100 1.37% 11055.076191 Delayed Quote.24.88%
NASDAQ COMP. 1.47% 10902.797333 Delayed Quote.19.76%
S&P 500 0.72% 3294.61 Delayed Quote.1.98%
S&P/CITIC 300 INDEX 1.32% 4132.84 Delayed Quote.16.59%
S&P/CITIC 50 INDEX 0.52% 3972.95 Delayed Quote.6.46%
STOXX EUROPE 600 2.05% 363.64 Delayed Quote.-14.31%
STOXX EUROPE 600 NR 2.05% 797.24 Delayed Quote.-12.96%
WTI 0.28% 40.745 Delayed Quote.-34.36%
share with twitter share with LinkedIn share with facebook
Latest news "Markets"
05:01pWALL STREET STOCK EXCHANGE : U.S. Stocks Climb to Start the Month
DJ
04:22pWALL STREET STOCK EXCHANGE : U.S. Stocks Climb to Start the Month
DJ
12:17pWALL STREET STOCK EXCHANGE : U.S. Stocks Open Higher to Start the Month -- Update
DJ
10:59aCorrection to U.S. Stock Futures Edge Up to Start the Month Article
DJ
10:35aWALL STREET STOCK EXCHANGE : U.S. Stocks Climb to Start the Month
DJ
10:20aEUROPE : Manufacturing rebound, U.S. stimulus hopes lift European stocks
RE
09:48aWALL STREET STOCK EXCHANGE : U.S. Stocks Open Higher to Start the Month
DJ
Latest news "Markets"