China’s Shanghai Composite Index Slips 0.93%

After last week’s weak U.S. jobs data, investors looked ahead to the release of U.S. and Chinese inflation figures as well as Fed Chair Jerome Powell’s testimony due this week for additional clues on the Fed’s monetary policy path.

Oil and gold prices traded lower in Asian trade while the dollar hovered near three-week lows.

China’s Shanghai Composite index dipped 0.93 percent to 2,922.45 as investors braced for one of the country’s biggest annual policy meetings.

Hong Kong’s Hang Seng index slumped 1.55 percent to 17,524.06 ahead of China’s inflation data for June due on Wednesday.

China’s foreign exchange reserves fell by $9.7 billion to $3.222 trillion in June 2024, due to a stronger dollar. The yuan depreciated by 0.3% against the dollar, while the dollar rose 1.1% against other major currencies. Gold reserves held steady at 72.8 million troy ounces, but their value dropped to $169.70 billion from $170.96 billion in May due to lower gold prices.

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First Published: Jul 08 2024 | 5:03 PM IST