China markets plunge on Beijing stimulus disappointment

Fortune· Google
Ian Mount
2-min read
In this article:

Shares in mainland China plunged as traders expressed their disappointment with the lack of new stimulus. The U.S. government's possible attempt to break up Google weighed on tech.

  • S&P 500 Futures: 5,792.50 ⬇️ down 0.14%

  • S&P 500: 5,751.13 ⬆️ up 0.97%

  • Nasdaq Composite: 18,182.92 ⬆️ up 1.45%

  • Dow Jones Industrial Average: 42,080.37 ⬆️ up 0.30%

  • FTSE 100: 8,231.64 ⬆️ up 0.50%

  • SSE Composite: 3,258.86 ⬇️ down 6.62%

  • Nikkei 225: 39,277.96 ⬆️ up 0.87%

  • Bitcoin: $62,127.97 ⬇️ down 0.50%

China: Hong Kong and Shanghai plunges over stimulus sadness

A day after Hong Kong's Hang Sang Index posted its steepest one-day plunge since 2008, China mainland shares took their own steep dive. Shanghai’s SSE Composite dropped 6.62% while Hong Kong gave up another 1.38% as investors again voted against Beijing’s Tuesday explanation of its stimulus plans—which offered few details and no new big measures. China's finance minister will give another briefing on Saturday, at which investors expect more measures to boost the economy.

Japan: Nikkei rises as 7-Eleven owner shares rise on higher bid

The Nikkei 225 rose 0.87%, buoyed by shares in retailer Seven & i Holdings, which soared as much as 11.7% before closing up 4.71% after Bloomberg reported that Canadian convenience store operator Alimentation Couche-Tard had increased its takeover bid by about 20%. Tech shares also rose, as new Prime Minister Shigeru Ishiba dissolved parliament in advance of Oct. 27 snap elections in which he hopes to consolidate power.

Europe: Shares waver as fading China optimism and Rio Tinto deal dampen upswing

European stocks rose slightly early Wednesday, as fading China optimism softened a general upswing. The U.K.’s FTSE 100 was up 0.50% in early trading with broad-based rises, tempered by a drop in Rio Tinto shares on the announcement it was buying Arcadium Lithium for $6.7 billion. The STOXX Europe 600 was up a marginal 0.18%.

U.S. premarket slips with Boeing and Google news

A day after all three rose, the main U.S. indexes were all down in premarket trading Wednesday, as Boeing's withdrawal of its pay offer to its striking machinists trimmed 0.8% from its shares, and the announcement that the DOJ might push to split up Google weighed on owner Alphabet. The possible DOJ action weighed on tech more broadly, a day after the group of tech stocks known as the Magnificent Seven all rose, with the largest gain going to Nvidia, up 4.1% Tuesday.

And earnings season is here:

Delta Air Lines reports on Thursday, and JPMorgan, Wells Fargo, and BlackRock on Friday. CPI data for September will also be released before the bell on Thursday.

This story was originally featured on Fortune.com