Chinese stocks fall overnight on property fears

clock

China's stock markets fell overnight as major problems in its property market prompted talk of a potential bailout of a developer.

Problems at unlisted Zhejiang Xingrun Real Estate Co. are hurting Chinese property shares on the mainland and in Hong Kong, and sent markets lower overnight.

China's Shanghai Shenzhen CSI 300 index lost 0.8%, as the yuan weakened to near an 11-month low and money-market rates rose.

Hong Kong's Hang Seng also finished marginally lower, down 0.1%.

The losses in Chinese markets follow a positive session overnight in the US. The NASDAQ Composite index leapt 1.3%, while both the Dow Jones and S&P were up by close of day.

In the UK, the FTSE 100 ended the day 0.6% up, while the FTSE All-Share was up 0.5%. 

In terms of firms, big climbers included Evraz, Wolfson Microelectronics and JP Morgan Russian Securities. 

 

More on Investment

All the latest news, analysis and content about the Covid-19 outbreak

Coronavirus Blog: World Health Organisation says travel bans 'not effective'

Latest news and reaction

Investment Week
clock 20 January 2022 • 1 min read
Partner Insight: Three trends likely to transform our global economy

Partner Insight: Three trends likely to transform our global economy

PIMCO’s most recent Secular Forum flagged key drivers of change, as Joachim Fels, Andrew Balls, and Daniel J. Ivascyn report

PIMCO
clock 18 January 2022 • 4 min read
AVI calls for investigation into Third Point governance

AVI calls for appointment of new director to Third Point board

Dispute ongoing

clock 18 January 2022 • 2 min read
Trustpilot