Increased tensions in the Middle East and the Canadian government’s action to impose a large tax on Chinese-made electric vehicles (EVs) also checked risk sentiment.
The dollar strengthened and Treasuries held steady ahead of PCE inflation data due later in the week that might show that U.S. consumer price increases continued to run cool in July.
Oil and gold prices were little changed in Asian trading despite Russia launching a fresh wave of deadly strikes on Ukraine.
Chinese shares ended lower as an escalation of trade tensions between Western countries and China offset data showing China’s industrial profits grew faster in July. The benchmark Shanghai Composite index slid 0.24 percent to 2,848.73.
China’s industrial profits increased at a faster pace in the January to July period, data from the National Bureau of Statistics showed on Tuesday.
Industrial profits posted an increase of 3.6 percent in the first seven months of 2024. This was slightly faster than the 3.5 percent growth registered in the January to June period.
The annual growth was largely driven by the profits at high-tech manufacturing and equipment manufacturing companies.
In the month of July, industrial profits advanced 4.1 percent from the same period last year. Nonetheless, the pace was weaker than June’s 3.6 percent increase.
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First Published: Aug 27 2024 | 4:22 PM IST
