Overseas Trading: China Win Streak Snapped as Steel Stocks Plummet

Chinese steel stocks struggled mightily, dragging the Shanghai Composite to its first loss in seven sessions

by Josh Selway

Published on Mar 9, 2016 at 8:36 AM

Stocks across Asia closed mostly lower, bringing an abrupt end to China's six-day winning streak. The Shanghai Composite shed 1.4%, while steel producers suffered heavy losses amid news one of China's northern provinces would be closing a majority of its steel plants. Meanwhile, Hong Kong's Hang Seng was dragged to a 0.1% loss. 

In Japan, the Nikkei sold off for the second straight day, giving back 0.8% as a stronger yen weighed on major exporters again. Despite the regional weakness, South Korea's Kospi managed a 0.4% win. 

Looking to Europe, stocks are enjoying midday gains ahead of Thursday's European Central Bank (ECB) meeting. Rising crude oil prices, too, are likely contributing to a risk-on approach, with Brent crude futures up 1.9% to $40.40 per barrel. Germany's DAX was leading the way at last check with a 1.3% gain, but France's CAC 40 was close behind, up 1.1%. In London, the FTSE 100 is up 0.6%. 


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