Market Commentary - Foreign Markets
Chinese shares rally as industrial profits fall at slower pace As on : 27-Nov-24  15:47

Asian stocks turned in a mixed performance on Wednesday as official data showed China's industrial profits fell again in October but less sharply than in September.

Regional gains were limited by tariff worries as U.S. President-elect Donald Trump picked another China sceptic, Jamieson Greer, to serve as the United States Trade Representative (USTR) and appointed Kevin A Hassett as the director of the White House National Economic Council, key figures in implanting the new administration's economic agenda.

Jamieson played a key role during Trump's first term in imposing tariffs on China and others to combat unfair trade practices and replacing the failed NAFTA deal with USMCA.

Hassett played a crucial role in helping design and pass the Tax Cuts and Jobs Act of 2017.

The dollar was muted in Asian trading amid anxiety about Trump's plans and ahead of the release of U.S. October Core Personal Consumption Expenditures (Core PCE) - Price Index later in the day.

Oil and gold prices traded higher as investors assessed the potential impact of a ceasefire deal between Israel and Hezbollah.

China's Shanghai Composite index rallied 1.53 percent to 3,309.78 after data showed industrial profit decline eased to 10 percent year-on-year in October from 27.1 percent the previous month.

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