Chinese stocks fall overnight on property fears

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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. 

 

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