SHANGHAI: Chinese shares rebounded on Wednesday, led by gains in artificial intelligence stocks, but the benchmark CSI300 still hovered around four-month lows on concerns over subdued domestic economic data.
China’s CSI AI Index jumped 3.7%, as domestic AI companies moved swiftly to attract users of OpenAI’s technology.
The blue-chip CSI300 index hit a four-month low on Tuesday.
US firm plans to restrict access in China and other countries to its application programming interface (API), a platform that allows developers of other products to integrate its AI models.
China stocks lower as semiconductor shares drag
Among broader Asian markets, stocks stuttered in choppy trade, with risk sentiment being capped as hawkish comments from Federal Reserve officials kept near-term US rate cut expectations in check.
Investors are now bracing for Friday’s release of the US personal consumption expenditures (PCE) price index – the Fed’s preferred measure of inflation – with economists expecting annual growth to ease to 2.6% in May, according to a Reuters poll.
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