china’s stocks drop most in month on economy, deflation concern - chinese appliance manufacturers

by:Yovog     2019-07-11
china’s stocks drop most in month on economy, deflation concern  -  chinese appliance manufacturers
China's stock market has fallen the most in a month after falling producer prices sparked fears that deflation might spread to other parts of the economy, Premier Wen Jiabao said the economy was under "relatively large" downward pressure. PetroChina Co.
The biggest energy producer fell by 2.
A report later this week showed growth slowed to seven, a record low of 7%.
The second quarter was 7%.
Saddle Steel Co. , Ltd.
After steel makers said they expected to turn losses into gains in the first half of the year, shares fell.
Today's data show that consumer prices have risen.
2%, June compared with 2 in the same period last year.
The median estimate in the Bloomberg survey was 3%, while producer prices fell by 2. 1 percent.
Cao Xuefeng, an analyst at Huaxi Securities, said: "The lower inflation data actually means that the economic slowdown has exceeded expectations . ".
"Investors are very worried that other data will be lower than expected this month.
The Shanghai Composite Index fell 52. 77 or 2.
4% to 2,170.
Closing on the 81 th, the biggest decline since June 4.
The Shanghai and Shenzhen 300 index fell 2.
3% to 2,416. 04.
Bloomberg China-
US stock index-
Chinese companies listed in New York lost 0.
1% last week, 1 after sinking.
July 6 5%.
China's benchmark stock index fell last week amid concerns that the government was not doing enough to curb the slowdown, which would hurt corporate earnings.
The Shanghai gauge, which lost 1% this year, has a trading volume of 9.
6 times the estimated profit, the comparison is even 17.
Since Bloomberg began compiling data in 2006.
Wen said the government would step up fines.
Even if the measures taken since April have helped stabilize the economic slowdown, policies should be adjusted.
The People's Bank of China cut its benchmark interest rate-
Annual lending rate 0.
31 percent in July 5, the second cut in a month.
According to Xinhua yesterday, Wen Jiabao's comments were made during a visit to Jiangsu province.
Xinhua said the prime minister also promised to "unswervingly" continue real estate regulation to prevent a rebound in house prices.
Energy and material stocks in the Shanghai and Shenzhen 300 index fell by 4. 1% and 2.
8% respectively.
Jiangxi Copper, the biggest metal producer, fell 2% to 23. 71 yuan. Aluminum Corp. of China Ltd. slumped 3. 9 percent to 5. 89 yuan.
Yanzhou Coal Mine Co. , Ltd. declined 3. 9% to 1850 yuan.
PetroChina lost 2. 7 percent to 8.
86 yuan, the lowest closing price since its listing on November 2007.
China electricity benchmark price-
As economic growth eased and water and electricity use increased to curb power demand, coal from power stations fell for the ninth consecutive week, the longest loss period since at least 2008.
Angang fell 2. 9 percent to 3. 74 yuan.
The company said it expects a loss in the first half of the year after the price crash.
Weak exports and China's restrictions on real estate have weakened steel demand and prices.
Baosteel Co. , Ltd.
Second listed unit in China-
Shares of the biggest steelmakers fell. 6 percent to 4. 17 yuan.
Chinese consumers
Price inflation fell to 29-
The monthly low in June gave Wen more room for easing economic policy.
Consumer price index rose 2.
The National Bureau of Statistics said in Beijing today that it was up 2% from the same period last year.
Producer prices fell by 2.
1%, in contrast, the median forecast for a decrease of 2%.
Ren Xianfang, a Chinese economist at IHS Global Insight, wrote in a report that deflation could become a bigger concern than inflation.
Mr. Ren said some industrial sectors appeared to have started a spiral of deflation, and the last time China saw such a long decline in producer prices during the global financial crisis.
World's second export
The biggest economy could climb by 10.
6% in June, after 15.
According to the median estimate of economists in the Bloomberg survey before the official data is released tomorrow, it may increase by 3%.
According to the median estimate of 15 economists surveyed by Bloomberg, a government report in July 13 is expected to show the economy growing at its slowest pace in three years.
Economic growth 8.
1% in the first three months, the fifth quarter slowed.
Second forecast by Chinese economists
Lu Ting, China economist at Bank of America Corp. , said quarterly growth was "too optimistic ".
Department of Merrill Lynch
Bank of America is expected to grow by 7.
The second quarter was 5%, although it could be as low as 7. 3 percent to 7.
4%, Lu said in an interview with Bloomberg Television from Hong Kong today.
He expects to cut interest rates twice by the end of this year, and the lender's Reserve will cut interest rates three more times.
Demand ratio.
The central bank has cut the reserve ratio three times since November to stimulate lending to small businesses.
GD Midea Holdings Limited
The second in China
The biggest manufacturer of listed appliances plunged. 8 percent to 9. 90 yuan.
Qingdao Haier Co. , Ltd.
Fell 4% to 11. 40 yuan.
Some Chinese home appliance manufacturers have been receiving energy improperly.
Save electrical subsidies for unqualified products, state-
China's national radio station quoted its own investigation.
Guoguang Electric Co. , Ltd.
Make home-
The speakers of the theater plunged. 8 percent to 4. 14 yuan. First-
The company said half of its profits could fall by 90% compared to the previous forecast of 50%.
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