Market Commentary - Foreign Markets
China's Shanghai composite index slips 0.27% As on : 09-Aug-24  16:26

Asian stocks ended a turbulent week on a positive note Friday as encouraging U.S. labor market data brought some relief to investors worried about a slowing economy.

Also, a measure of China's consumer price inflation surged to a five-month high, providing much-need positive news on the world's second-largest economy.

The dollar hovered close to a one-week high against major rivals in Asian trade while gold edged down slightly as traders pared bets on big rate cuts by the Federal Reserve.

China's Shanghai Composite index slid 0.27 percent to 2,862.19 after a choppy session. Hong Kong's Hang Seng jumped 1.17 percent to 17,090.23.

China's consumer price inflation rose more than expected in July, while producer prices continued to fall, data from the National Bureau of Statistics showed today.

Consumer prices posted an annual increase of 0.5 percent after rising 0.2 percent in June. Prices were expected to gain 0.3 percent.

Producer prices decreased for the 22nd consecutive month. Prices fell 0.8 percent annually, the same pace of decline as seen in June. Economists had forecast prices to drop 0.9 percent in July.

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