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Chinese stock markets in Shanghai, Shenzhen, and Hong Kong have lost about $7 trillion in value since 2021, with indexes recently hitting 5-year lows. The downturn is due to China’s slowing economy following its zero-COVID policy, a troubled real estate sector, and weaker global demand for Chinese exports and manufacturing. President Xi Jinping is reportedly considering interventions to support stocks, which rose slightly on the news.
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The S&P 500 ended the day at another all-time closing high: 4,995.06. Meanwhile, New York Community Bancorp saw a dizzying swing.
