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As on : 08-Nov-2024

Market Commentary - Foreign Markets
08-Nov-2024 15:22

China's Shanghai Composite ends down 0.53%

Asian stocks ended mixed on Friday after the Bank of England and the U.S. Federal Reserve cut interest rates by a quarter point.

Focus shifted to stimulus announcements from China later in the day as the meeting in the Standing Committee of the National People's Congress ends.

The dollar sagged in Asian trading after Fed Chair Jerome Powell said the central bank will evaluate data to adjust the pace and destination of rates.

Gold prices were notably lower after rising more than 1 percent on Thursday. Oil prices dipped but were on track for a weekly gain.

Chinese and Hong Kong markets ended lower as investors awaited details of a much-anticipated economic stimulus package to rev up the slowing Chinese economy.

China's Shanghai Composite ended down 0.53 percent at 3,452.30 after a choppy session. Hong Kong's Hang Seng fell 1.07 percent to 20,728.19, giving up early gains.

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