China Stocks Slide on US Economic Data Uncertainties; New Energy Shares Fall

MT Newswires Live11-18

Chinese stocks fell again Tuesday amid uncertainties regarding the release of U.S. economic data and a decline in new energy shares.

The Shanghai Composite Index, the main gauge of Chinese stocks, lost 0.8% or 32.22 points to reach 3,939.81. The Shenzhen Component Index fell 0.9% or by 121.52 points to 13,080.49.

The U.S. is set to release a set of economic indicators following a backlog caused by the government shutdown, Reuters reported separately Tuesday.

Investors have also eased their predictions of a rate cut by the Federal Reserve in December, with 40% seeing a 25-basis-point reduction, compared with a 60% forecast earlier in November, the report said.

On the data front, fiscal revenue inched up 0.8% in the first 10 months to about 18.7 trillion yuan, the Finance Ministry said.

The CSI New Energy Index fell 3% to 2,925.20 yuan at market close. Sungrow Power Supply (SHE:300274) and GCL System Integration Technology (SHE:002506) fell 5% each, while EVE Energy (SHE:300014) slipped 6% during the close of trading Tuesday.

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