China's STAR Composite Index Falls 1.12 Percent
China's STAR Composite Index ended Thursday's session at 1,844.36 points, marking a decline of 1.12 percent. The broader tech sector index also retreated, reflecting a soft close for the Shanghai Stock Exchange's innovation board.
The STAR Composite Index closed at 1,844.36 points on Thursday. This represents a drop of 1.12 percent from the previous session. The index tracks companies listed on the sci-tech innovation board in Shanghai.
The STAR 50 Index finished lower as well. It closed at 1,569.22 points, down 0.69 percent. This index monitors the fifty largest and most liquid stocks on the same board.
Board Background and Purpose
The STAR Market launched in June 2019 at the Shanghai Stock Exchange. Its primary goal is to support high-tech and strategic emerging sectors. It serves as a dedicated platform for innovation-driven firms.
European Energy Supply Concerns
The European Court of Auditors issued a warning about winter energy security. The report states that EU plans to reduce Russian energy dependence are underfunded. It highlights a risk of a potential energy crisis this winter.
EU gas storage facilities currently sit at 67 percent capacity. This is significantly lower than the 80 percent recorded at the same time last year. The auditors noted that thin reserves pose a challenge for the heating season.
Russian Gas Import Shifts
Russian natural gas now accounts for 12 percent of EU imports. This share has fallen from 45 percent since 2022. The auditors attributed the drop largely to high prices and warm weather rather than policy effectiveness.
Kremlin spokesperson Dmitry Peskov stated that European gas prices are rising. He claimed that Europe will not fill its storage before winter. He also mentioned that the Nord Stream pipelines remain technically operational.
The EU intends to ban all Russian liquefied natural gas imports. This ban is scheduled to take effect on January 1, 2027. Analysts warn this move could lead to sharp price increases.
