The Chinese stock market continued its decline on September 15, following a drop the previous day. Concerns over U.S. interest rate hikes and a domestic economic slowdown weighed on the indices. The Shanghai Composite Index closed down 0.54% at 3,864.28, the Shenzhen Component Index fell 0.72% to 13,287.97, and the ChiNext Index dropped 1.15% to 3,247.92.
International oil prices have risen again due to the prolonged conflict in Iran and the shutdown of key oil pipelines in Saudi Arabia. Brent crude reached over $108 per barrel during trading, while West Texas Intermediate (WTI) closed at $101.39 per barrel. On the same day, the yield on the 10-year U.S. Treasury note rose to 5.012%, surpassing 5% for the first time in nearly three years. The 30-year yield also climbed to around 5.37%. A survey conducted by Reuters among 101 economists indicated that 85% expect a 0.25 percentage point increase in the U.S. benchmark interest rate. The Federal Open Market Committee (FOMC) is set to meet on September 15 (U.S. local time) to decide on the rate hike.
Additionally, China's domestic market continues to struggle. According to the National Bureau of Statistics, retail sales of consumer goods in August increased by only 0.4% compared to the same period last year, significantly below the Reuters forecast of 0.8%. Furthermore, cumulative fixed asset investment in August decreased by 7.2% year-on-year, worsening from a 6.7% decline in July. Real estate development investment also fell by 19.9% in August, indicating ongoing market weakness.
On a positive note, stocks related to wind power showed strength. Companies such as Jixin Technology, Dajin Heavy Industry, and Tiensun Fengneng hit their upper price limits. A recent analysis by a Norwegian consulting firm revealed that Europe is experiencing a structural supply shortage in offshore wind power installations. Since 2020, the price of complete offshore wind turbines has risen by over 40%, significantly outpacing the 20% increase in manufacturing costs during the same period.
Memory semiconductor stocks also saw gains. Dawei Guofen reached its upper price limit, while Hengshuo Guofen recorded significant increases. Reports indicate that Samsung Electronics has proposed a 30-40% increase in memory prices for the first quarter of next year compared to the prices offered in the third quarter of this year, attracting buying interest in the memory sector. This further confirms the upward trend in prices for both DRAM and NAND memory semiconductors from Samsung.
Meanwhile, the People's Bank of China set the yuan's central parity rate against the dollar at 6.6760 yuan, a decrease of 0.0028 yuan from the previous day, reflecting a 0.04% increase in the value of the yuan.
* This article has been translated by AI.
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