Market Commentary - Foreign Markets
China's Shanghai Composite index finished marginally higher As on : 07-Aug-24  17:06

Asian stocks advanced on Wednesday after Bank of Japan Deputy Governor Uchida Shinichi said the central bank won't raise interest rates when financial markets are volatile.

The dollar held steady in Asian trade and gold edged up marginally after Federal Reserve officials reassured markets that the U.S. is not headed for a recession.

Oil prices fluctuated in Asian trade after industry data showed an unexpected inventory build, countering global oil supply concerns.

China's Shanghai Composite index finished marginally higher at 2,869.83 after July trade data proved to be a mixed bag. Hong Kong's Hang Seng index climbed 1.38 percent to 16,877.86.

China's exports grew less than expected at the start of the third quarter, while imports rebounded on domestic demand, official data showed.

Exports posted an annual growth of 7.0 percent in July. This was weaker than the forecast of 9.7 percent and followed an 8.6 percent expansion in June.

On the other hand, imports surged 7.2 percent annually, reversing the 2.3 percent decrease in June and also stronger than the consensus 3.5 percent increase.

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