The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
entertainment4 hours ago
Chinese stocks plunged on Tuesday as the yuan weakened against the dollar, reigniting fears that Beijing may be intent on a deeper devaluation of the currency despite the central bank's comments that it sees no reason for a further slide.
Concerns that companies may pull more money out of China as the economy slows and speculation that the government may begin to scale back its massive support for the country's stock markets also prompted investors to take profits after a run-up in prices over the last few weeks, traders said.
The Shanghai Composite Index closed down 6.1 per cent at 3,749.12 points in its biggest daily decline since July 27, snapping a three-day winning streak.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 6.2 per cent at 3,825.41.
Volatility in both indexes spiked in the afternoon in what is becoming a mysteriously recurring pattern in China's stock markets since Beijing stepped in to avert a full-blown price crash in early summer.
The yuan fell against the dollar on Tuesday despite a slightly stronger midpoint set by the central bank, and traders expect the currency to remain under downward pressure as the economy struggles.
The People's Bank of China devalued the currency last week by nearly two per cent, triggering an avalanche of selling by investors who feared Beijing wanted to engineer a much sharper decline to support weak exports. The PBOC was later forced to step into the market and tell state banks to support the currency.
Shares of importers and firms with high US dollar-denominated debt have been under pressure along with Chinese airlines which face higher fuel bills following the devaluation.
Investors have also grown more concerned that Beijing may begin to withdraw its unprecedented support for share prices. China's securities regulator said last Friday that the government will allow market forces to play a bigger role in determining stock prices, the first official signal from Beijing that it could be moderating its efforts to prop up its equity markets via state-backed financial institutions.
"The CSRC made it clear last week that the state will withdraw from regular market intervention to support share prices," said a senior trader at a major Chinese brokerage in Shanghai.
"Because sentiment has been weak since the sharp fall that began in June, people believe the market itself cannot support current share price levels without the state's support."
Selling was broad based. The CSI 300 infrastructure index fell 8.4 per cent, the energy index dropped 6.1 per cent, and the real estate index tumbled 7.3 per cent despite data which showed Chinese home prices rose for the third month in a row in July. - Reuters
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
entertainment4 hours ago
The students' demands range from a ceasefire in Israel's war with Hamas to calls for universities to stop investing in Israeli enterprises
world5 hours ago
Despite Kohli's flowing form ahead of the T20 World Cup in June, pundits have raised concerns over his strike-rate
cricket5 hours ago
Saudi Arabia has begun to explore extracting lithium from sea water
business5 hours ago
Speaking after meeting Lebanese leaders, French foreign minister says there had been "a lot of progress" over the French proposals
mena5 hours ago
The three-shot winner from Japan says he is aiming to become a member of the PGA Tour in the future
sports5 hours ago
Big-hitting Nienaber falters at the finish to settle for secondwhile former Abu Dhabi resident David Horsey takes the third spot at Saadiyat Beach Golf Club
sports6 hours ago
The UAE is India's second-largest export destination after the US
economy6 hours ago