Shares of shipping companies continue to decline on Friday after the Baltic Exchange’s main sea freight index extended its slide on Thursday to hit the lowest in more than six weeks, hurt by falling rates across vessel segments.
Global shipments of traditional PCs will fall 8.2% year over year in 2022 to 321.2 million units, while worldwide tablet shipments has been lowered to 158 million units, a 6.2% decline compared to 2021, according to the International Data Corporation (IDC), saying that headwinds from lockdowns, war, and inflation are the leading factors behind slowing demand.
China’s PPI grew 6.4% in May from a year earlier, according to the National Bureau of Statistics, compared to 8% growth in the previous month and expected 6.3% growth.
China’s CPI grew 2.1% in May from a year earlier, according to the National Bureau of Statistics, in line with previous month and compared to expected 2.2%.
Chinese A-shares open lower on Friday, with the benchmark Shanghai Composite Index down 0.76%, the Shenzhen Component Index down 0.65%, and the tech-heavy Chinext Price Index down 0.72%.
China’s iron ore imports increased by 7.5% in May from a month earlier to 92.52 million tonnes, up 3% from a year earlier, after disruptions to shipments by major suppliers eased, said the China Iron and Steel Association, citing China’s customs data.
Capacity utilization at Tesla’s Shanghai plant has returned to 100%, reported the state-backed Shanghai Securities News on Thursday, citing spokesperson from Tesla China.
China’s exports, in US dollar terms, grew 16.9% in May from a year earlier, according to data released by the General Administration of Customs on Thursday, compared to expected 8% growth and the 3.9% gain in the previous month
Shares of China’s three state-owned oil giant are trading higher in the A-share market after the commerce ministry issued new batch of fuel export quotas. PetroChina gaining as much as 4.1%, CNOOC up 4.3% and Sinopec up 1.1%.
