China Stocks Hit New 1-Month Low

The Shanghai Composite edged down 0.2% to around 3,984 on Wednesday, while the Shenzhen Component dropped 1.6% to 14,988, both extending losses for a third consecutive session and hitting new one-month lows, as renewed tensions in the Middle East weighed on broader Asian markets and dampened risk appetite. The US escalated pressure on Iran by conducting new airstrikes and rescinding a sanctions waiver permitting Tehran to export oil to global markets. The latest move was seen as the most significant threat yet to the interim agreement signed by US and Iranian leaders on June 17, casting doubt on ongoing negotiations aimed at securing a permanent peace deal within 60 days of the accord. Among individual stocks, losses were posted in Industrial and Commercial Bank of China (-0.6%), China Construction Bank (-0.6%), Zijin Mining Group (-1.8%), CATL (-1.2%), NAURA Technology (-2.4%), and Luxshare Precision Industry (-2.6%).

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