New Chinese Tech Exchange a Bright Spot as Global Stocks Slip

Most Asian stocks down; European shares waver

Brent crude oil price gains 2.2%

Koninklijke Philips

up 3.9%

China’s new market for homegrown technology stocks opened with a rally on Monday. Of the 25 companies traded on the Shanghai Stock Exchange’s Science and Technology Innovation Board, also known as the STAR market, a semiconductor group and medical instrument maker surged the most.

Digniatries strike a gong to launch the Shanghai Stock Exchange’s Science and Technology Innovation Board.


Photo:

/Associated Press

Other Asian markets dropped, however, with China’s benchmark Shanghai Composite Index and Hong Kong’s Hang Seng down 1.3% and 1.4%, respectively.

In the U.S. and Europe, investors braced for fresh economic data this week as expectations for interest-rate cuts from both major central banks grew. The U.S. Commerce Department will report second-quarter growth figures on Friday.

The European market wavered Monday as earnings season rolled on. Shares in Dutch technology group, Koninklijke Philips, jumped after the company posted better-than-expected results early Monday, with rising sales and margins.

In commodities, the price of Brent crude rose to $63.41 per barrel as tensions mounted in the Persian Gulf. Iran seized a British-flagged tanker in the Persian Gulf on Friday.

Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com

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