Market Commentary - Foreign Markets
Chinese market end higher after trade balance data As on : 10-Sep-24  17:01

Asian stocks ended Tuesday's session on a mixed note after the U.S. government proposed new sanctions on Chinese biotech firms.

Investors digested Chinese trade data and looked ahead to the release of key U.S. consumer and producer inflation readings this week for additional clues on the size of potential rate cuts by the Federal Reserve at its meeting next week.

Investor attention was also focused on the first U.S. Presidential debate between Kamala Harris and Donald Trump to be held at the National Constitution Center in Philadelphia, Pennsylvania later today.

The dollar hovered near a one-week high in Asian trading, weighing on gold prices. Oil dipped as worries about Chinese demand offset supply disruptions from Tropical Storm Francine.

China's Shanghai Composite index ended 0.28 percent higher at 2,744.19, recovering from an early slide after the U.S. House of Representatives passed legislation to cut off U.S. government funding for Chinese biotech companies deemed national security risks.

Meanwhile, China's exports grew more than expected in August, while imports growth weakened sharply amid weak domestic demand, official data revealed today.

Exports posted an annual growth of 8.7 percent, marking the fastest expansion in 17 months. At the same time, imports grew only 0.5 percent, pushing up the trade surplus.

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