{"id":31519,"date":"2023-07-05T04:09:10","date_gmt":"2023-07-05T08:09:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-stocks-fall-after-survey-shows-weakest-china-services-activity-this-year\/"},"modified":"2023-07-05T04:09:12","modified_gmt":"2023-07-05T08:09:12","slug":"asian-stocks-fall-after-survey-shows-weakest-china-services-activity-this-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31519","title":{"rendered":"Asian stocks fall after survey shows weakest China services activity this year"},"content":{"rendered":"
\n

BEIJING (AP) \u2014 Asian stock markets sank Wednesday after a survey showed Chinese industrial activity weakening.<\/p>\n

Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices were mixed.
U.S. markets were closed Tuesday for a holiday.<\/p>\n

\n

An index of service industry activity by a leading Chinese business magazine, Caixin, weakened sharply in June, adding to signs China\u2019s recovery following the end of anti-virus controls on business and travel is cooling. Growth in factory activity also slowed.<\/p>\n

\u201cWithout policy support, there\u2019s a risk that weakening growth expectations could become self-fulfilling,\u201d said Stephen Innes of SPI Asset Management in a report.<\/p>\n

The Shanghai Composite Index
\n SHCOMP,
\n -0.69%<\/bg-quote>
\n fell 0.6% to 3,224.53 and the Hang Seng
\n HSI,
\n -1.48%<\/bg-quote>
\n in Hong Kong sank 1.3% to 19,153.53.<\/p>\n

Caixin\u2019s purchasing managers\u2019 index for services fell to 53.9 from May\u2019s 57.1 on a 100-point scale on which numbers above 50 show activity increasing. It was the weakest reading this year.<\/p>\n

Tokyo\u2019s Nikkei 225
\n NIK,
\n -0.25%<\/bg-quote>
\n lost 0.4% to 33,303.00 and the Kospi
\n 180721,
\n -0.55%<\/bg-quote>
\n in Seoul retreated 0.4% to 2,585.16.<\/p>\n

Sydney\u2019s S&P-ASX 200
\n XJO,
\n -0.35%<\/bg-quote>
\n shed 0.3% to 7,255.80. New Zealand and Southeast Asian markets declined.<\/p>\n

China is the biggest trading partner for all of its Asian neighbors. Demand for imports got a boost when retailing and factory activity revived, but that rebound cooled faster than expected.<\/p>\n

Economic activity accelerated to 4.5% in the first three months of 2023 from last year\u2019s 3%. China\u2019s No. 2 leader, Premier Li Qiang, said last month growth was improving. He gave no details but expressed confidence China can hit this year\u2019s official growth target of \u201cabout 5%.\u201d<\/p>\n

Traders are uneasy about U.S.-Chinese tensions over technology trade after Beijing this week announced restrictions on exports of gallium and germanium, two metals used in making semiconductors and solar panels. That came ahead of Treasury Secretary Janet Yellen\u2019s visit this week as part of U.S. efforts to restore strained relations.<\/p>\n

In energy markets, benchmark U.S. crude
\n CL.1,
\n +1.63%<\/bg-quote>
\n rose $1.16 to $70.95 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude
\n BRN00,
\n -0.52%<\/bg-quote>,<\/span>
\n the price basis for international oil trading, lost 37 cents to $75.88 per barrel in London.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING (AP) \u2014 Asian stock markets sank Wednesday after a survey showed Chinese industrial activity weakening. Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices were mixed.U.S. markets were closed Tuesday for a holiday. An index of service industry activity by a leading Chinese business magazine, Caixin, weakened sharply in June, adding to signs China\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":31520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-31519","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian stocks fall after survey shows weakest China services activity this year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"BEIJING (AP) \u2014 Asian stock markets sank Wednesday after a survey showed Chinese industrial activity weakening. 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