New Chinese Tech Exchange a Bright Spot as Global Stocks Slip
July 22 2019 - 4:39AM
Dow Jones News
By Avantika Chilkoti
-- Most Asian stocks down; European shares waver
-- Brent crude oil price gains 2.2%
-- Koninklijke Philips up 3.9%
China's new market for technology groups opened with a rally on
Monday. Of the 25 companies traded on the Shanghai Stock Exchange's
Science and Technology Innovation Board, also known as the STAR
market, a semiconductor group and medical instrument maker surged
the most.
Other Asian markets dropped, however, with China's benchmark
Shanghai Composite Index and Hong Kong's Hang Seng down 1.3% and
1.4%, respectively.
In the U.S. and Europe, investors braced for fresh economic data
this week as expectations for interest-rate cuts from both major
central banks grew. The U.S. Commerce Department will report
second-quarter growth figures on Friday.
The European market wavered Monday as earning season rolled on.
Shares in Dutch technology group, Koninklijke Philips, jumped after
the company posted better-than-expected results early Monday, with
rising sales and margins.
In commodities, the price of Brent crude rose to $63.41 per
barrel as tensions mounted in the Persian Gulf. Iran seized a
British-flagged tanker in the Persian Gulf on Friday.
Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com
(END) Dow Jones Newswires
July 22, 2019 04:24 ET (08:24 GMT)
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