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Business

Asian markets decline on trade-deal concerns, weak China export data




Asian markets tumbled Friday with fears that the US and China may not be as close to a trade deal as proposed by President Donald Trump. Sales were also driven by worries for the world economy for alarming Chinese trading data.

China's General Administration of Customs reported that exports fell 20.7% in February compared to the previous year, reflecting weaker demand. Economists asked by The Wall Street Journal expected the value of foreign shipments to fall by only 6%.

Shanghai Composite Index

SHCOMP, -4.40%

tumbled 3.3%, logging its worst one-day percent loss for the year so far while the smaller cap Shenzhen Composite

399106, -3.79%

fell 1.6% and Hong Kong's Hang Bed

-1.95%

lost 1.7%.

Kospi

SEU, -1.31%

in South Korea fell 1.3% and Australia's S & P / ASX 200

XJO, -0.96%, fell 0.9%.

Japanese reference Nikkei 225

NIK, -2.01%

was 2% lower, even after the government said the economy grew 1.9% in the fourth quarter of 2018 from a year ago. This was better than the original estimate of 1.4%. Stocks fell in Taiwan

Y9999, -0.68%

and throughout Southeast Asia.

Among individual shares, Fast Retail

9983, -2.25%

Nintendo

7974, -2.67%

and Sony

6758, -3.17%

fell in Tokyo trading. Hyundai Motor

005380, -4.38%

and SK Hynix

000660, -2.06%

slumped in Korea, while Taiwan Semiconductor

2330, -1.71%

fell in Taiwan. Geely Automotive

0175, -3.56%

China Life Insurance

2628, -3.97%

and Tencent

0700, -2.65%

was among the largest decliners in Hong Kong. Oljesøk

OSH, -2.18%

and Rio Tinto

R10, -1.58%

fell in Australia.

On Thursday, the New York Times reported that the United States and China have come to a broad agreement that would result in the removal of some tariffs in both countries. This means that China buys more US goods and opens some of its markets to foreign companies, it said.

But the report says the dealers have not locked key details, such as when tariffs will be removed and how can one ensure that China stops the end of the deal. It was added, referring to two people familiar with Beijing's position, that Chinese officials were cautious about the final terms because of Trump's bent on last minute changes.

Trump told reporters on Wednesday that the negotiations were "moving very well". , the United States made a $ 200 billion tariff increase in Chinese goods to allow officials time to prepare a deal.

Investors were also focused on the world economy. The European Central Bank delayed its next rise in interest rates and announced a new round of cheap loans to banks on Thursday. This was seen as a confirmation of weaker growth from the bank.

"The series of aggravating factors for growth problems continues to gather, the latest from the euro area, and that the Asia markets set up for synchronized decline to the end of the week," Jingyi Pan of the IG said in a comment.

Over on Wall Street, the broad S & P 500 index

SPX, -0.81%

suffered its fourth straight loss on Thursday, falling 0.8% to 2,748.93. Dow Jones Industrial Average

DJIA, -0.78%

fell 0.8% to 25.473.23 and the Nasdaq composite

[0145] COMP, [1.145%] throw 1.1% to 7.421.46.

U.S .. rough

CLJ9, -0.95%

lost 36 cents to $ 56.30 per barrel in electronic commerce on the New York Mercantile Exchange. It took 44 cents to $ 56.66 a barrel on Thursday. Burned crude oil



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