Market Commentary - Foreign Markets
Chinese markets end lower as services sector activity slows As on : 04-Sep-24  16:07

Asian stocks slumped on Wednesday after weak U.S. manufacturing data triggered heavy selling in chip-related stocks overnight.

Gold traded weak below under $2500, pressured by a stronger U.S. dollar as traders awaited more U.S. economic data including Friday's upcoming payrolls data for more clues on the economic and rate outlook.

Oil extended steep overnight losses to hover near a nine-month low amid renewed concerns over a potential slowdown in demand from China and the possibility of increased supply from leading producers.

China's Shanghai Composite index fell 0.67 percent to 2,784.28 after a private survey showed growth in China's services sector activity slowed in August despite the summer travel peak.

China's service sector continued to expand but the pace of expansion eased since July on softening incoming new business, a monthly survey compiled by S&P Global showed on Wednesday.

The headline Caixin services Purchasing Managers' Index posted 51.6 in August, down from 52.1 in July and economists' forecast of 51.9.

The index has remained above the threshold of 50.0 for the 20th straight month but growth in activity was among the lowest in the year-to-date.

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