China stocks fall on "disappointing" Xi-Biden meeting, property weakness (Nov 16)
(Corrects to Thursday from Monday in paragraph 1 of Nov. 16 report) SHANGHAI, Nov 16 (Reuters) - Chinese stocks fell on Thursday as investors were disappointed by a meeting between the presidents of China and the U.S., while data showing prolonged weakness in the property sector dented sentiment.
Chinese stocks fell on Thursday as investors were disappointed by a meeting between the presidents of China and the U.S., while data showing prolonged weakness in the property sector dented sentiment. ** The blue-chip CSI 300 Index fell 1%, while the Shanghai Composite Index was down 0.6% by the midday recess.
** Hong Kong's Hang Seng Index and the Hang Seng China Enterprises Index both lost 1.7%. ** Broader Asian stock markets struggled for momentum after heavy gains this week, as expectations for a pause in Fed policy tightening remained intact despite U.S. data pointing to strength in parts of the economy.
** U.S. President Joe Biden and Chinese leader Xi Jinping agreed on Wednesday to open a presidential hotline, resume military-to-military communications and curb fentanyl production. ** Xi also told Biden that Taiwan was the biggest, most dangerous issue in U.S.-China ties, a senior U.S. official told reporters, while Biden responded by assuring Xi that Washington was determined to maintain peace in the region.
** "Market was disappointed by the talks, there is nothing beating expectations," said a fund manager at a private fund, who declined to be named due to the sensitivity of the topic. ** China's new home prices fell for the fourth month in October, official data showed, as government support measures did little to lift the gloom hanging over the debt-laden property sector.
** Data released on Wednesday also showed a sharp drop in property investment, while industrial output and retail sales continued to recover. ** "China’s economic growth momentum remained largely flat in October from the previous month," said Gavekal Dragonomics analysts. "The stabilisation is still fragile and there are significant risks ahead."
** Property developers fell 1.3%, while new energy companies slumped 2.3%, and semiconductor firms lost 1.5%. ** Tech giants listed in Hong Kong slumped 2.3%.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)