Chinese benchmarks experience losses over 2% as investors remain cautious about President-elect Trump's policies. Other markets show mixed performance.
Global shares showed mixed performance on Thursday, the first trading day of 2025. Chinese benchmarks suffered losses exceeding 2%. France's CAC 40 declined by 0.5% to 7,346.33, while Germany's DAX inched up by 0.2% to 19,947.91. Britain's FTSE 100 remained nearly unchanged at 8,174.85. Investors are adopting a cautious stance, anticipating the actions of incoming U.S. President Donald Trump , particularly concerning potential tariff increases on imports from China and other Asian nations.
The Shanghai Composite Index dropped 2.7% to 3,262.56, and Hong Kong's Hang Seng fell 2.2% to 19,623.32. The Caixin China Purchasing Managers Index, a gauge of factory activity, indicated a slower expansion in December, falling to 50.5 from 51.5 in November. New orders, employment, and business sentiment weakened. Although Chinese leader Xi Jinping's New Year's address expressed optimism, market participants are hoping for more concrete measures to stimulate the economy and elevate share prices. Xi stated that China's economy has rebounded and is on an upward trajectory, according to the official Xinhua News Agency. In other Asia-Pacific markets, Australia's S&P/ASX 200 rose 0.5% to 8,201.20, and South Korea's Kospi remained steady at 2,398.94. Wall Street markets were closed on Wednesday for the New Year's Day holiday, as were most global markets. Thursday will bring updates on U.S. construction spending for November, while December's U.S. manufacturing data will be released on Friday. U.S. stock indexes largely closed lower on Tuesday, concluding the final day of another record-breaking year for Wall Street. The strong performance of U.S. markets was fueled by a growing economy, robust consumer spending, and a favorable jobs market
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