China Market falls ahead of economic data

Mainland China share market finished session notably lower after a two-day holiday break on Monday, 08 April 2024, as risk sentiments subdued amid caution ahead of key data on inflation and foreign trade due this week, with shares in financial, healthcare, real estate and consumer staples sectors leading losses.

China is expected to publish inflation figures for March on Thursday and foreign trade data on Friday. The People's Bank of China is also expected to publish data on loans, money supply and aggregate financing.

At close of trade, the benchmark Shanghai Composite index was down 0.72%, or 22.24 points, to 3,047.05. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.78%, or 31.47 points, to 1,736.50. The blue-chip CSI300 index sank 0.88%, or 31.39 points, to 3,536.41.

CURRENCY NEWS: China's yuan depreciated against the dollar on Monday, despite the central bank setting the firmer midpoint rate. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0947 per U.S. dollar, firmer than the previous fix. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2336 at midday, 16 pips weaker than the previous late session close.

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