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Middle East Observer

Wednesday, April 2, 2025

The Biggest Drop in Shanghai Shares in Eight years

Must read

In a move that is considered to be unpredictable to all as the Chinese shares slid more than 8 per cent on Monday. The Chinese government rescue plan to prop up estimations ran out of steam and casts doubts upon China is slowing growth.

Since 2007, China’s market had not witnessed such suffering after a cataclysmic  three weeks of relative calm in China’s volatile stock markets since Beijing unleashed a barrage of support measures to arrest a slump that started in mid-June.

Major indexes suffered the most as the CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen tumbled 8.6 percent to 3,818.73 points, while the Shanghai Composite Index .SSEC lost 8.5 percent to 3,725.56 points..

Commodity prices also  resumed their downward spiral with the broader Thomson Reuters CRB commodities index .TRJCRB hitting its lowest in six years and oil prices hitting a four-month low.

Chinese ADRs including Alibaba (BABA.N), Baozun (BZUN.O), Sohu.com (SOHU.O) and JD.com (JD.O) slid.

Apple’s (AAPL.O) 1.3 percent fall weighed the most on the S&P and the Nasdaq while the Dow was dragged down by Goldman Sachs’ (GS.N) 1.7 percent drop.

Nine of the 10 major S&P 500 sectors were lower with the energy index’. SPNY 1.57 per cent fall leading the decliners.

China’s market gyrations have stoked fears among global investors about the broader health of the world’s second biggest economy, hitting prices of growth-sensitive commodities such as copper, which fell on Monday to not far from a 6-year low. [MET/L]

While Monday’s earnings calendar looks pretty subdued, rest up, because more than 150 S&P companies are on deck to report this week, energy companies like Exxon Mobil and Chevron, in a sector that has failed to help boost the stock market so far.

“This sector is also the largest contributor to the year-over-year decline in both earnings and revenues for the S&P 500 as a whole,” said John Butters, senior earnings analyst at FactSet.

Reports

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AID MUBARAK