JKB Financial Services Ltd.

As on : 10-Jan-2025

Market Commentary - Foreign Markets
10-Jan-2025 16:23

China Shanghai composite index tumbles 1.33%

Asian stocks retreated on Friday as the U.S. jobs report loomed, China growth worries persisted, and traders remained on alert for a rising risk of Japanese authorities intervening to support the yen.

The dollar held steady in Asian trade and looked set to extend its longest weekly winning streak in over a year.

10-year U.S. Treasury yields hovered around nine-month highs after Federal Reserve officials signaled concerns that President-elect Donald Trump's policies could stoke inflation.

Gold edged up slightly to hover near a four-week high while oil prices were on track for a third straight week of gains as cold weather gripped parts of the United States and Europe, boosting winter fuel demand.

Chinese markets fell amid concerns about slowing growth and deflation fears.

The benchmark Shanghai Composite tumbled 1.33 percent to 3,168.52 and the yuan slipped to a new 16-month low as the People's Bank of China announced a suspension of government bond purchases amid record-low bond yields.

Sunac China shares plummeted 26 percent after a liquidation petition was filed against the property developer.

GET IN TOUCH