The Chinese stocks closed lower on Monday as the latest Middle East developments added more uncertainty to the market, said China Global Television Network (CGTN) analyst Timothy Pope.
The benchmark Shanghai Composite Index was down 2.06 percent to 3,913.79 points, with the Shenzhen Component Index closing 3.48 percent lower at 14,522.85 points.
The drop was influenced by the strikes traded between U.S. and Iran, which have fueled the doubts about the interim agreement they signed a few weeks ago, according to Pope.
"The Shanghai Composite Index was down more than 2 percent and the Shenzhen Component was off 3.5 percent. The market was already taking profits on tech stocks, and the latest Middle East developments have added to the uncertainty and made a return to a sustained rally look a little bit unlikely for the moment - the Shanghai Composite is already looking a little bit range-bound around 4000 points," the analyst said.
However, several important economic benchmarks will be released in a few days and are expected to further shape market outlook.
"For the week ahead, the markets are going to be waiting on a lot of big-ticket Chinese economic data. The second quarter GDP numbers will be out mid-week. Ahead of that, we should also see the trade data - which is expected to continue pretty strong - and fixed asset investment and retail sales data as well - which have been fairly soft recently and will be closely watched for whether or not things there are improving," Pope noted.
China stocks fall due to uncertainty in Middle East situation: analyst
China will support Chinese and foreign enterprises in making joint technological breakthroughs to help upgrade the auto industry, Wang Weiming, chief engineer of the Ministry of Industry and Information Technology (MIIT), said on Saturday.
Wang made the statement as nine government departments on September 10 released a plan for the development of the intelligent connected NEV industry during the 15th Five-Year Plan period (2026-2030), a major document that has drawn wide attention across the industry.
The plan states that China will open up new prospects for global industrial cooperation and help build global industrial and supply chains. It calls for strengthening top-level design for the international development of the auto industry and guiding companies to deepen international cooperation through trade, investment and technological cooperation.
Speaking at the 2026 International Forum (TEDA) on Chinese Automotive Industry Development, which took place in Tianjin from Thursday to Sunday, Wang noted that in recent years many multinational companies have deepened cooperation with Chinese firms. China has also led the formulation of 18 global technical regulation documents and 30 international standards, deeply integrating into global industrial and supply chains.
He also said China will continue to pursue internationalized innovation and global development, oppose all forms of protectionism, and promote mutual recognition of international standards and rules.
"China supports Chinese and foreign enterprises in jointly carrying out technological breakthroughs, sharing innovation results and building an industrial ecosystem together, so as to jointly promote the transformation and upgrading of the global auto industry," Wang said.
China to support global auto tech cooperation: chief engineer
