China Stocks Decline on Weak Global Sentiment
The Shanghai Composite decreased by 0.3% to approximately 3,920, while the Shenzhen Component saw a decline of 0.8% to reach 13,613 on Friday, erasing some of the previous session's gains due to weak global indicators. Wall Street experienced a steep drop overnight as concerns heightened over elevated valuations, especially in AI-focused companies, and as investors evaluated the implications of the extended US government shutdown alongside the Federal Reserve's interest rate forecasts. A benchmark of US-listed Chinese companies fell by 2% on Thursday, indicating that the recent surge in mainland stocks might be waning. Investors are now focusing on the Communist Party's leadership meeting scheduled for October 20-23, as well as a potential meeting between Xi and Trump at the upcoming APEC summit later this month, for fresh policy directions. Notable declines were observed in shares of Contemporary Amperex (-5.3%), Luxshare Precision (-3.5%), Wuxi Lead Intelligent (-10.7%), and Zijin Mining (-2.6%).
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