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

Mar 9, 2016 at 8:36 AM
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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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