Market Commentary - Foreign Markets
China's markets decline on weaker inflation data As on : 09-Sep-24  14:59

Asian stocks declined on Monday due to lingering worries about U.S. and Chinese growth.

Responding to Friday's weak jobs data, U.S. Treasury Secretary Janet Yellen said that the U.S. economy remains strong and that recent months of cooler jobs data is a signal of a soft landing, not a recession.

The dollar fluctuated ahead of August inflation data due this week and the Federal Reserve's policy meeting on September 17 and September 18.

Gold was subdued under $2,500 per ounce mark while oil prices jumped more than 1 percent in Asian trading following last week's brutal sell-off.

Chinese and Hong Kong markets led regional losses as consumer inflation figures came in weaker than forecast.

China's Shanghai Composite index fell 1.06 percent to 2,736.49 while Hong Kong's Hang Seng index tumbled 1.42 percent to 17,196.96.

Official data showed consumer prices in China were up 0.6 percent on year in August, up from 0.5 percent in July, but shy of forecasts for 0.7 percent.

Producer prices dropped 1.8 percent on year versus expectations for a decline of 1.4 percent following the 0.8 percent drop a month earlier.

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