China stocks end lower as Fed rate-cut bets ebb
SHANGHAI, July 9 (Reuters) - Chinese stocks ended lower on Tuesday, tracking overnight weakness on the Wall Street, after strong U.S. jobs data dimmed hopes of an aggressive rate cut by the Federal Reserve.
** Sentiment was also curbed by a slew of initial public offerings being launched this week by companies to be listed on Shanghai’s Nasdaq-style tech board. ** The blue-chip CSI300 index ended down 0.3% at 3,793.13, while the Shanghai Composite Index closed 0.2% lower at 2,928.23 points.
** Global markets retreated from pricing a 50 basis point cut from the U.S. Federal Reserve this month after stronger-than-expected jobs data from the United States last week.
** Nine Chinese companies, among the first to float on China’s red-hot Nasdaq-style tech board, announced prices of their new share offers on Tuesday, as investors brace for a busy week of initial public offerings. ** The CSI300 financial sector sub-index closed lower by 0.44%, the consumer staples sector down 0.01%, the real estate index ended down 0.37% and the healthcare sub-index closed 0.28% weaker. ** The smaller Shenzhen index ended up 0.21% and the start-up board ChiNext Composite index was higher by 0.739%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.47%, while Japan’s Nikkei index closed up 0.14%. ** At 0755 GMT, the yuan was quoted at 6.8796 per U.S. dollar, 0.04% firmer than the previous close of 6.8827. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)