By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
8
Notification Show More
Videos
Stocks pop on Japan trade deal news, Big Tech earnings expectations
23 hours ago
Videos
How The U.S. Became So Dependent On SpaceX
24 hours ago
News
John Hancock Alternative Asset Allocation Fund Q2 2025 Commentary (Mutual Fund:JAAAX)
24 hours ago
Videos
President Trump delivers remarks on AI
2 days ago
Videos
Why high earners still feel broke
2 days ago
News
FFLC: Measured Exposure For Growth With Valuation Discipline (BATS:FFLC)
2 days ago
Videos
Alphabet earnings beat expectations, Tesla misses on earnings and revenue
3 days ago
Videos
Why Texas Instruments Is Betting $60 Billion On Making Cheap Chips In The U.S.
3 days ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > European and Asian stocks fall on weak Chinese export data
News

European and Asian stocks fall on weak Chinese export data

News Room
Last updated: 2023/08/08 at 5:12 AM
By News Room
Share
3 Min Read
SHARE

Receive free Markets updates

We’ll send you a myFT Daily Digest email rounding up the latest Markets news every morning.

Stocks retreated in Asia and Europe on Tuesday after new data showed China’s exports fell by the most since the beginning of the Covid-19 pandemic, amplifying concerns over the country’s economic growth.

Europe’s region-wide Stoxx Europe 600 index fell 0.2 per cent in the first hour of trading, after Italy stunned investors with plans for a windfall tax on banks.

Italian lender Intesa Sanpaolo was among the top decliners, down 6.9 per cent, after the country’s deputy prime minister announced a 40 per cent windfall tax on banks that have recently profited from rising interest rates. UniCredit fell 5.7 per cent.

Hong Kong’s Hang Seng index dropped 1.7 per cent, led by declines in consumer goods and property, while China’s benchmark CSI 300 was down 0.3 per cent. 

The moves came after official data showed China’s exports declined 14.5 per cent year on year in July, the most since February 2020. The country’s imports fell 12.4 per cent, much higher than the 5 per cent decline forecast in a Reuters poll of economists.

A slowdown in global and domestic demand for goods weighed on the world’s second-largest economy, which also grappled with a weak property sector. China has struggled to regain momentum after ending three years of severe pandemic restrictions earlier this year.

The bleak trade numbers on Tuesday reinforced expectations that China’s sluggish economic activity would slow further in the third quarter, adding pressure on policymakers to enact new stimulus measures.

The renminbi weakened 0.3 per cent to trade at Rmb7.2192 a dollar, its weakest level since mid-July.

Investor attention turns to China’s inflation figures coming out on Wednesday, with expectations of 0.4 per cent deflation in July after prices were stagnant in the previous month.

The reading will be followed on Thursday by the consumer price index from the US, which has been struggling to cool prices. High inflation prompted the Federal Reserve to take interest rates to their highest level in 22 years.

Contracts tracking Wall Street’s benchmark S&P 500 lost 0.4 per cent, while those tracking the tech-focused Nasdaq 100 declined 0.5 per cent ahead of the New York open.

Read the full article here

News Room August 8, 2023 August 8, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Stocks pop on Japan trade deal news, Big Tech earnings expectations

Watch full video on YouTube

How The U.S. Became So Dependent On SpaceX

Watch full video on YouTube

John Hancock Alternative Asset Allocation Fund Q2 2025 Commentary (Mutual Fund:JAAAX)

This article was written byFollowA company of Manulife Investment Management, John Hancock…

President Trump delivers remarks on AI

Watch full video on YouTube

Why high earners still feel broke

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

News

John Hancock Alternative Asset Allocation Fund Q2 2025 Commentary (Mutual Fund:JAAAX)

By News Room
News

FFLC: Measured Exposure For Growth With Valuation Discipline (BATS:FFLC)

By News Room
News

Allspring Special Small Cap Value Fund Q2 2025 Commentary (ESPAX)

By News Room
News

Allspring Emerging Markets Equity Advantage Fund Q2 2025 Commentary (undefined:EQIAX)

By News Room
News

Companhia de Saneamento Básico do Estado de São Paulo – SABESP 2025 Q2 – Results – Earnings Call Presentation (NYSE:SBS)

By News Room
News

Jay Powell to deliver Jackson Hole address under fire on multiple fronts

By News Room
News

Meta and Character.ai probed over touting AI mental health advice to children

By News Room
News

A letter for Melania and a suit: Zelenskyy charms Trump in the Oval Office

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?