Market Commentary - Foreign Markets
Chinese Stocks Fall After Mixed Economic Data As on : 17-Jun-24  17:24

Chinese stocks fell as a slew of economic data highlighted the country's bumpy recovery and the People's Bank of China (PBOC) left a key policy rate unchanged.

The benchmark Shanghai Composite index dropped 0.55 percent to 3,015.89.

Industrial production in China was up 5.6 percent on year in May, the National Bureau of Statistics said on Monday - slowing sharply from 6.7 percent in April.

The bureau also said that retail sales rose an annual 3.7 percent - jumping from 2.3 percent in the previous month.

In other data, Fixed asset investment was up 4.0 percent on year, easing modestly from previous reading. The jobless rate was unchanged at 5.0 percent.

Meanwhile, the People?s Bank of China (PBoC) kept a key policy rate unchanged for the tenth consecutive month. The PBoC held the rate on 182 billion yuan of one-year medium-term lending facility (MLF) loans to financial institutions at 2.5%, unchanged since August 2023.

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