Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

China, Australia Stocks Rattled by new COVID Lockdown

Stock Markets Aug 12, 2022 00:22
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
AXJO
+1.44%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
JP225
+0.95%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
HK50
-0.98%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
KLSE
+0.03%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CSI300
-0.04%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CHNA
+0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Ambar Warrick 

Investing.com-- Chinese and Australian stocks fell on Friday as a COVID-19 lockdown in commodities hub Yiwu rattled sentiment, while most other Asian stocks trended higher on more signs of easing U.S. inflation. 

As of 23:32 ET (03:32 GMT), China’s bluechip Shanghai Shenzhen CSI 300 index fell 0.2%, while the Shanghai Composite index fell in a similar band.

Sentiment towards the country was dealt a new blow by a three-day lockdown in Yiwu, a major commodity and manufacturing hub in the Zhejiang Province. The city was placed in a partial lockdown earlier this week, and was put in a complete lockdown on Thursday, The South China Morning Post reported. 

China’s economy is still reeling from a series of economically damaging COVID lockdowns imposed earlier this year, with investors wary of any more such measures. A lockdown in a major commodity hub like Yiwu could spell more trouble for China's beleaguered industrial sector, which unexpectedly shrank in July. 

Manufacturing stocks were among the worst performers on the bluechip index on Friday. 

Australian stocks fell 0.8% on the news, given that several major miners in the country depend on China as an export destination. BHP Group Ltd (ASX:BHP), the world’s largest miner, dropped 0.7%, while Rio Tinto Ltd (ASX:RIO) traded flat. 

Most other Asian stocks rose on Friday, as more signs of a slowdown in U.S. inflation boosted sentiment. Data on Thursday showed the producer price index (PPI) unexpectedly shrank in July, a day after another reading showed the consumer price index (CPI) sank more than expected. 

Still, gains were tempered by hawkish comments from Federal Reserve officials, who posited that interest rates could rise by as much as 1% by the end of the year. 

Japan’s Nikkei 225 index rallied 2.5% in catch-up trade after a holiday on Thursday. Hong Kong’s Hang Seng index added 0.2%. 

Malaysian stocks rose 0.2%, after data showed the country’s economy grew 8.9% in the second quarter, far more than expectations of 6.7%. 

 

China, Australia Stocks Rattled by new COVID Lockdown
 

Related Articles

Next Slumps on Guidance Cut After Weak Summer
Next Slumps on Guidance Cut After Weak Summer By Investing.com - Sep 29, 2022

By Geoffrey Smith  Investing.com -- Shares in Next (LON:NXT) slumped on Thursday to its lowest in more than two years, as the U.K. fashion chain cut its outlook for the second...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email