Chinese Stocks Dip Amid Weak Consumer Spending

Chinese stocks experienced a downturn on Monday due to weaker-than-expected consumer spending. The CSI300 and Hang Seng indices were among those affected as investors hoped for additional policy measures from Beijing to support economic growth despite disappointing recent lending data and retail sales figures.

Chinese stocks took a downward turn on Monday following data that highlighted unexpected frailty in consumer spending. Investors are now pinning their hopes on increased policy intervention from Beijing to bolster lackluster growth figures.

The blue-chip CSI300 index fell by 0.37%, compounding a 1% dip from last week, while the Shanghai Composite index saw a slight increase of 0.1%, closing at 3,395.11 points. Meanwhile, Hong Kong's Hang Seng Index declined by 0.57%, settling at 19,856.91.

Retail sales in China recorded mere 3.3% growth last month, starkly contrasting with economists' predictions of a 4.6% rise, indicating stimulus measures have yet to take effect. The Nomura research firm anticipates a possible policy shift, suggesting a reserve requirement ratio cut by the People's Bank of China before the year's end.

(With inputs from agencies.)