China shares slip as oil slides, outweighing stimulus hopes
- 8 years ago
China's volatile stock markets fell more than 1 percent on Wednesday, though mounting chatter about imminent policy stimulus provided some support against the backdrop of a fresh slide in oil prices, which hit stock markets across the globe.
Asian and European stocks were down sharply as U.S. crude sank beneath $28 a barrel for the first time since 2003.
The benchmark Shanghai Composite Index closed down a fraction over 1 percent after a 3.25 percent bounce on Tuesday, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen lost 1.5 percent, having risen 2.95 percent the previous session.
Tuesday's jump was fueled by expectations that the People's Bank of China would soon act to loosen monetary policy further after the latest data confirmed economic growth hit a 25-year low last year.
Asian and European stocks were down sharply as U.S. crude sank beneath $28 a barrel for the first time since 2003.
The benchmark Shanghai Composite Index closed down a fraction over 1 percent after a 3.25 percent bounce on Tuesday, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen lost 1.5 percent, having risen 2.95 percent the previous session.
Tuesday's jump was fueled by expectations that the People's Bank of China would soon act to loosen monetary policy further after the latest data confirmed economic growth hit a 25-year low last year.