China’s stocks fell for the first time in seven days, led by commodity producers, amid renewed concern over the state of the global economy.
The Shanghai Composite Index halted the longest winning streak since July, sliding 2.6 percent as of 9:32 a.m. local time. The benchmark gauge rebounded in late trading Tuesday as speculation of buying by state-backed funds helped offset plunging exports. Copper futures extended their drop in the wake of an industrial-metals selloff, while U.S. crude held below $ 37 a barrel.
China’s top steelmakers’ group said the global iron ore market is grossly oversupplied, demand in China is faltering and there’s a severe glut of steel. Gauges of material and energy stocks in the CSI 300 Index slid more than 3 percent for the steepest declines among industry groups. Baoshan Iron & Steel Co. fell 4.5 percent, while Jiangxi Copper Co. plunged 7.1 percent.
Source : Bloomberg