U.S. Federal Reserve chairman Jerome Powell said Thursday that getting inflation under control won’t be easy and warned he could not promise a so-called soft.
By Eustance Huang, CNBC •
Updated on July 27, 2021 at 11:16 pm
Jiang Ning | VCG | Getty Images
The CSI 300 which tracks the biggest mainland China stocks, along with Hong Kong s Hang Seng index, are currently among the worst-performing in Asia-Pacific.
Separately, the MSCI Emerging Markets index has also tumbled into negative territory for the year. Chinese internet giants like Tencent, Alibaba and Meituan are among the top 5 constituents of the index, as of Jun 30.
The declines come as Chinese regulators continue to step up their oversight in sectors spanning from technology to education and food-delivery.
Days of heavy selling in Chinese stocks have left two major indexes in the country as the worst-performing markets of Asia-Pacific.
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Soaring production costs in China, largely due to surging commodity prices, have cut into profits for manufacturers. Official data released over the weekend showed profits at China s industrial firms rose 36.4% in May compared to a year earlier slower than the 57% year-on-year growth posted in April.
Meanwhile, data released in early June showed China s producer price index in May jumped 9% compared to a year ago the fastest clip since 2008, while the consumer price index climbed 1.3% year-on-year in May. It was the largest gap on record between the speed at which producer prices and consumer prices climbed. There s not a very clear relationship between producer prices and consumer prices historically, Wolf said.