Chinese stocks tumble on lack of fresh stimulus [Video]

Chinese stocks tumbled Wednesday on continued disappointment over a lack of fresh Chinese stimulus measures and scant detail on measures already unveiled.

Europe’s main stock markets rose slightly, however, as oil prices steadied.

The dollar climbed against its main rivals on expectations that interest rate differentials will continue to favour the US currency.

“The fizz seems to be coming out of the market as the Chinese rally fades away and futures prices imply a pullback when Wall Street opens,” noted Russ Mould, investment director at traders AJ Bell.

China’s recent announcements to kickstart its domestic growth fuelled a global equities rally, but investors were left deflated Tuesday when a press conference did not provide any new measures.

Investors are now awaiting a Saturday briefing on fiscal policy by Finance Minister Lan Fo’an for more indications about official plans, although analysts warned there was unlikely to be the big “bazooka” stimulus …