Overseas Trading: Shanghai Slips as Banks Eye Equity Exposure

China's Shanghai Composite was having a decent day, until reports surfaced that banks are analyzing their positions in the equities market

Jul 30, 2015 at 8:11 AM
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Stocks in Asia finished mostly lower. It looked like it was going to be another solid day in China, but the Shanghai Composite took a dive in the final hour of trading, with Reuters reporting that mainland banks are reconsidering their exposure to the stock market. At the close, the Shanghai Composite was off 2.2%, with Hong Kong's Hang Seng giving back 0.5%. Brutal losses among tech players -- led by Samsung Electronics, following the firm's bleak third-quarter outlook -- had South Korea's Kospi 0.9% lower at the close. However, Japan's Nikkei managed a 1.1% gain after positive earnings from heavyweights Nintendo and Mazda. 

Markets in Europe are strong at midday, as stocks across the board benefit from the latest round of earnings. Soon-to-be merged telecommunications concerns Alcatel Lucent SA (ADR) (NYSE:ALU) and Nokia Corporation (ADR) (NYSE:NOK) are among the names in focus after reporting upbeat numbers. Also, traders continue to review yesterday's Federal Open Market Committee (FOMC) statement, which contributed to a positive finish for U.S. equities. London's FTSE 100 was last seen 0.8% higher. France's CAC 40 was up 0.5% at last check, with Germany's DAX adding 0.4%. 

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