Overseas Trading: Soft Data Snaps Shanghai's Win Streak

The Shanghai Composite's win streak came to an abrupt halt, as weak data sparked a mid-session reversal

Jul 24, 2015 at 8:08 AM

Stocks in Asia ended the week on a low note, following the lead of Wall Street and the commodities market. The Shanghai Composite snapped a six-day winning streak, retreating 1.3% due to a steeper-than-forecast drop in the preliminary China Caixin purchasing managers index (PMI). Japan's Nikkei shed 0.7% after the International Monetary Fund (IMF) urged the Bank of Japan to "stand ready to ease further, provide stronger guidance to markets through enhanced communication, and put greater emphasis on achieving the 2% inflation target in a stable manner." Meanwhile, Hong Kong's Hang Seng and South Korea's Kospi fell 1.1% and 0.9%, respectively.

European bourses are just barely higher at midday, despite weakness in commodities, mixed earnings, and a retreat in Markit's flash eurozone PMI. At last check, London's FTSE 100 is up less than 0.1%, the French CAC 40 has added 0.4%, and Germany's DAX is a mere 0.01% higher.

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