China Shares See Mixed Trade Amid Weak Economic Data; Tongguan Copper Foil Up 5%
Chinese shares saw mixed trade on Tuesday as weak economic data weighed down earlier optimism from the U.S.-Iran peace deal.The Shanghai Composite Index, the main gauge of Chinese stocks, declined 0.1% to 4,091.89. The Shenzhen Component Index climbed 0.9% to 15,675.25.New home prices in China's 70 major cities decreased by 3.5% year over year in May, according to Trading Economics' calculation of data from the National Bureau of Statistics. The reading steadied from the 3.5% contraction recorded in the previous month, and was sharper than the Trading Economics forecast of a 3.4% drop.China's retail sales of consumer goods fell 0.6% year over year to 4.109 trillion yuan in May, reversing the 0.2% increase recorded in April. Last month's drop was also steeper than the consensus forecast for a 0.3% decline.Also, the country's fixed asset investment fell 4.1% year over year in the first five months of the year. The reading compared with the declines of 1.6% recorded in the January-April period and 2.3% consensus forecast tracked by Investing.com.In company news, Anhui Tongguan Copper Foil (SHE:301217) will close three fundraising investment projects and permanently transfer 383.0 million yuan in surplus funds to working capital. Shares of the copper foil producer closed 5% higher Tuesday.
