European shares lower after mixed Asian trading as China property shares soar


Shares opened mostly lower in Europe and Asian stocks were mixed Wednesday as Chinese benchmarks were lifted by hopes for fresh support for the country’s faltering property market.

Germany’s DAX lost 0.5% to 15,695.66 and the CAC 40 in Paris sank 0.9% to 7,186.56. Britain’s FTSE declined 0.9% to 7,371.08.

The future for the S&P 500 was down 0.2%, while that for the Dow industrials edged 0.1% lower.

Losses in Hong Kong were trimmed by surging prices for heavyweight property companies after a Chinese media report raised hopes for new measures to prop up the real estate sector.

The official newspaper Securities Times ran an article urging that restrictions on sales of property in smaller cities be lifted. Such limits have been used to prevent markets from overheating due to speculative buying, but the long slump in the industry justifies a rollback of those precautions, the article said.

Chinese real estate developers have been struggling to meet their payment obligations after the government cracked down on lending and the market slowed during and after the pandemic.



Read More: European shares lower after mixed Asian trading as China property shares soar

2023-09-06 08:37:30

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