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Chinese markets start week with new falls

  • Author:angelia
  • Source:www.diecastingpartsupplier.com
  • Release on:2016-01-11
Asian shares headed lower on Monday as jitters from the sell-off in the markets last week continued to keep investors on edge.

Global markets made big losses after Chinese trading was suspended twice last week on dramatic plunges in values that triggered a circuit breaker mechanism, and spurred more volatility. China suspended the use of that tool on Friday, a move that reassured traders. But the Shanghai Composite index was down 2.5% to 3,106.38 in early trade. Weak inflation data over the weekend did little to encourage investors.

China’s consumer inflation edged up 1.6% in December from a year ago. That compared to a 1.5% rise in the previous month. But deflation risks remained in the world’s second largest economy as factory-gate prices continued to fall for the 46th consecutive month, down 5.9%.

Hong Kong’s Hang Seng index fell 2.4% to 19,964.64, following the mainland markets. "It feels as though we are right in the epicentre of the fear, panic and confusion in global markets," said Chris Weston, market strategist at trading firm IG in a note.

Oil tumbles further

Australia’s S&P/ASX 200 index was down 2% to 4,892.60 as falling oil prices continued to weigh on the market. The price of Brent crude oil fell another 50 cents to $33.05 a barrel. Mining heavyweights BHP Billiton and Rio Tino both plunged over 4% in Sydney. Japanese markets are closed for a public holiday. In South Korea, the benchmark Kospi index was down 0.7% to 1,904.14 points.

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