Shanghai, Shenzhen fall as oil surge and risk-off sentiment weigh
Shanghai Composite fell 1.0% to 3,942 and Shenzhen Component declined 1.5% to 13,669. Oil prices surged amid Middle East supply worries, reinforcing expectations of tighter policy for longer.
The Shanghai Composite fell 1.0% to 3,942 on Wednesday, while the Shenzhen Component declined 1.5% to 13,669, extending the previous session's losses as a broad risk-off sentiment swept through Asian markets.
Investor appetite was dampened by a renewed surge in oil prices, with escalating tensions in the Middle East stoking concerns over potential supply disruptions, adding to global inflationary pressures and reinforcing expectations that major central banks could maintain tighter monetary settings for longer.
Meanwhile, Putin and Xi discussed a potential trilateral meeting with Trump during China's APEC summit in November, while Xi is also set to visit Washington later this month for talks with the US president.
Notable laggards included Foxconn Industrial Internet (-1.8%), Zijin Mining Group (-2.1%), CATL (-1.8%), and Zhongji Innolight (-2.8%).