China stocks slip

SHANGHAI: Chinese shares ended more than 1% lower on Wednesday after two consecutive days of gains, as excitement from Beijing’s policy easing dissipates, while rising Sino-US tensions weigh on sentiment.

The blue-chip CSI300 index fell 1.2% to 5,083.08, while the Shanghai Composite Index lost 1.1% to 3,528.50.

Mainland Chinese stocks had gained earlier this week, spurred by the central bank’s surprise cut in banks’ required reserve ratio (RRR) announced late on Friday.

People’s Bank of China said on Tuesday that the move has not altered its prudent monetary policy stance. The 50-basis-point RRR cut and fiscal support, “are unlikely sufficient to reverse the growth downtrend, as the drag from the slowing property sector is too strong? to fully offset,” wrote Ting Lu, Nomura’s Chief China Economist.