Chinese stocks took another battering on Monday in the worst start to a second half of a year since 2015, as selling resumed amid worries over a falling currency, housing curbs and the impact of US trade tariffs.
The Shanghai Composite Index sank 2.5 per cent, more than wiping out a 2.2 per cent rally on Friday, and extending last month’s 8 per cent rout. The yuan retreated 0.5 per cent to an eight-month low after depreciating by a record in June. The pace of the currency’s descent has surprised analysts, with ING Groep cutting its forecast for the second time in days.
Shanghai stocks have tumbled into a bear market amid concern the economy will struggle to withstand rising tensions with the US. China’s purchasing manager index readings for June released on Saturday showed a gauge of export orders shrinking, suggesting the trade war is already weighing on growth. Domestic issues are also hurting sentiment, with a gauge of property shares falling to the lowest since October 2016 on Monday.
"Expectations that China will impose more property controls are weighing on developer shares as the market is still overheated," said Jiang Yining, an analyst in Shanghai with Capital Securities.
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Read more:
Shanghai Index sinks to two-year low amid looming US tariffs
Beijing to unlock Dh396bn with bank reserves cuts
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Shanghai’s property stock index fell 5.4 per cent. Poly Real Estate Group tumbled 9.8 per cent, while Gemdale lost 6.3 per cent. Developers have been under pressure as the government stepped up measures to curb real estate speculation and restrict developers’ international bond issuance.
The yuan traded at 6.6534 per dollar. ING cut its forecast to 7 from 6.6 in a note, saying the depreciation reflects the risks of a trade war, while the central bank is allowing market forces to dictate the speed of the declines.
Bonds started July on a stronger note, with the yield on 10-year government debt falling 1 basis point to 3.47 per cent, its lowest level since April 2017.
Hong Kong’s markets were closed for a holiday.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Result
Tottenhan Hotspur 2 Roma 3
Tottenham: Winks 87', Janssen 90 1'
Roma 3
D Perotti 13' (pen), C Under 70', M Tumminello 90 2"
JOKE'S%20ON%20YOU
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Origin
Dan Brown
Doubleday
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru
