JKB Financial Services Ltd.

As on : 03-Dec-2024

Market Commentary - Foreign Markets
03-Dec-2024 15:43

Chinese shares end higher after initial slide

Asian stocks fluctuated before closing higher on Tuesday as new U.S. curbs on semiconductor exports to China proved to be less harsh than previously expected.

Sentiment was also boosted by expectations of a Federal Reserve rate cut later this month and speculation that a key economic meeting expected in December may unleash more Chinese stimulus.

Gold and oil prices were modestly higher in Asian trading despite the U.S. dollar strengthening amid political uncertainty in France and concerns over faltering economic growth in China.

China's Shanghai Composite index ended 0.44 percent higher at 3,378.81, recovering from an early slide after the U.S. announced new export controls on China's chip industry.

China's commerce ministry described the restrictions, the third such set of curbs under the Biden administration, as an example of economic coercion and non-market practices.

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