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Chinese Stocks Mixed, US Tariffs Weigh On Sentiment

Today's market analysis on behalf of Daniel Takieddine CEO MENA at BDSwiss


May 14, 2024 ( Newswire) Chinese equities displayed mixed results. The Shenzhen Stock Exchange saw a rebound of 0.35% to close at 1,773 points, whilst the Shanghai Composite ended slightly down, decreasing by 0.07%. US tariffs and disappointing Chinese credit growth data for April dampened investor sentiment. Looking ahead, traders are anticipating the US inflation report for insights into the Federal Reserve’s interest rate outlook. Domestically, important data releases on Friday include industrial production and retail sales figures. The market expects these indicators to show improvement, which could support Chinese equities. Thus, industrial production in China is projected to increase to 5.4% year-on-year in April, up from 4.5% in March, while retail sales are expected to rise to 3.7% year-on-year in April, an improvement from 3.1% in March. Technology stocks led the decline, with Eoptolink Technology seeing its shares plummet by 4%. Zhongji Innolight followed, down 3.6%, and Foxconn Industrial dropped nearly 1%. Conversely, Shanghai Pharmaceuticals Holding saw a 3% increase in its shares as the company received approval from China’s National Medical Products Administration for one of its products.

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