Overseas Trading: Shanghai Composite Ends August Sharply Lower

The Shanghai Composite ended lower on reports indicating China's government has ended its share-purchasing program

Aug 31, 2015 at 8:31 AM
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Stocks in Asia were mixed today, after a Financial Times report suggested China's government will no longer attempt to support the stock market via large share purchases. Instead, regulators will shift their focus to cracking down on those they feel are responsible for "destabilizing" markets. As a result, the Shanghai Composite dipped 0.8%, putting the index more than 12% lower for the month.

Japan's Nikkei had an even worse day, with the index shedding 1.3% amid weak industrial production data and a strengthening yen. Meanwhile, Hong Kong's Hang Seng and South Korea's Kospi notched gains of 0.3% and 0.2%, respectively, with Seoul's benchmark index lifted by a surge in automakers. 

European bourses are mostly lower at midday, pressured by fresh concerns over China after Goldman Sachs slashed its annual mainland growth forecasts through 2018. Oil stocks are also dragging indexes lower, as crude reverses course after Friday's gains. At last check, Germany's DAX and France's CAC 40 are each 0.6% lower. Markets in London are closed for holiday. 

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