Market Commentary - Foreign Markets
China's Shanghai Composite index dips 0.60% As on : 14-Aug-24  15:27

Asian stocks turned in a mixed performance on Wednesday as weak China bank lending data and a decision by index provider MSCI to cut China stocks from its indexes offset signs of cooling inflation in the U.S.

The dollar index held steady near a four-month low in Asian trading, gold edged up slightly and Treasuries were little changed ahead of the U.S. CPI report due later in the day that could allow the Federal Reserve to ease policy in September.

Oil prices rebounded on signs of falling U.S. inventories and simmering tensions in the Middle East.

China's Shanghai Composite index dipped 0.60 percent to 2,850.65 ahead of key retail sales, home prices and industrial production data on Thursday that might show the economy is still faltering.

Hong Kong's Hang Seng index slipped 0.35 percent to 17,113.36, retreating from a two-week high ahead of Tencent Holdings Ltd.'s earnings and its share-purchase plans.

China's bank lending remained weak in July amid high interest rates, official data revealed on Tuesday.

Aggregate financing totaled CNY 18.87 trillion in the January to July period, which was down by CNY 3.22 trillion, the People's Bank of China said.

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