09/03/2024 – 6:03
By André Marinho
São Paulo, 09/03/2024 – Asian stock markets closed mostly lower on Tuesday, as investors remain nervous about the pace of recovery in the Chinese economy.
In a report, Capital Economics assesses that the scenario should remain “bleak” for Chinese markets in the coming months, amid a series of structural challenges faced by the Asian country.
In this environment, the Shanghai Composite Index closed the session down 0.29%, at 2,802.98 points, but the less comprehensive Shenzhen Composite managed to record a gain of 1.06%, at 1,530.73 points.
In Hong Kong, the Hang Seng lost 0.23% to 17,651.49 points. Banking stocks were among the negative highlights, dragged down by Industrial & Commercial Bank of China (-2.06%) and Agricultural Bank of China (-2.82%).
Traders are also monitoring rising tensions between China and Japan. Beijing has issued a threat of retaliation if Japan imposes further restrictions on the sale and maintenance of chipmaking equipment to Chinese companies, the report revealed. Bloomberg.
In Tokyo, the Nikkei index fell 0.04% to 38,686.31 points, due to the strengthening of the yen. Bank of Japan (BoJ) Governor Kazuo Ueda reiterated expectations for further interest rate hikes if the economy continues to evolve as expected.
Among other markets, Seoul’s Kospi index fell 0.61% to 2,664.63 points, an intraday low, while Taiwan’s Taiex fell 0.64% to 22,092.21 points. In Oceania, Sydney’s S&P/ASX 200 fell 0.08% to 8,103.20 points.
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