FX.co ★ China Stocks Extend Losses for Second Session

On Tuesday, the Shanghai Composite index declined by 0.8% to fall below the 3,840 mark, while the Shenzhen Component index decreased by 0.9%, settling at 12,990. This downturn extended losses from the previous trading session, driven by growing economic concerns and the lack of robust policy interventions. Economic data released on Monday illustrated a slowdown, marked by weaker-than-anticipated growth in retail sales and industrial production, accompanied by drops in fixed asset investments and new home prices. Furthermore, global uncertainties regarding the sustainability of the artificial intelligence sector exerted additional pressure on local tech stocks. This was evident in the notable losses seen in companies like Eoptolink Technology, which fell by 2.2%, Zhongji Innolight by 1%, and Cambricon Technologies by 2.6%. Conversely, Changan Auto saw a notable rise of 3.1%, and BAIC Motor surged by 6.9% following regulatory approval of their electric sedans, which are the first to feature level-3 autonomous driving capabilities.