Categories: world

Asian markets fall on trade-deal worries, weak China export data

Asian markets tumbled on Friday fearing that the US and China may not be as close to a trade deal as proposed by President Donald Trump. Sales were also caused by concerns about the global economy following alarming Chinese trading data. China's General Customs Administration 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%, logs its worst one-day percentage loss for the year to date, while the smaller cap Shenzhen Composite 399106, -3.79% fell 1.6% and Hong Kong's Hang Bed -1.91% lost 1.7%. Kospi SEU, -1.31% in South Korea fell 1.3% and Australia's S & P / ASX 200 XJO, -0.96% decreased 0.9%. Japan's benchmark Nikkei 225 NIK, -2.01% was 2% lower, even after the government said its economy grew 1.9% in the fourth quarter of 2018 from a year ago. This was better than the original estimate of 1.4%. Stock fell in Taiwan Y9999, -0.68% and throughout Southeast Asia. Among individual stocks, Fast Retail 9983, -2.25% Nintendo 7974, -2.67% and Sony 6758, -3.17% fell in Tokyo trade. Hyundai Motor 005380, -4.38% and SK Hynix 000660, -2.06% dropped in Korea, while Taiwan Semiconductor 2330, -1.71% fell in Taiwan. Geely Automotive 0175, -3.42% China Life Insurance 2628, -3.74% and Tencent 0700, -2.42% were among the largest decliners in Hong Kong. oil Search OSH, -2.18% and Rio Tinto R10, -1.58% fell…

Asian markets tumbled on Friday fearing that the US and China may not be as close to a trade deal as proposed by President Donald Trump. Sales were also caused by concerns about the global economy following alarming Chinese trading data.

China’s General Customs Administration 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%, logs its worst one-day percentage loss for the year to date, while the smaller cap Shenzhen Composite

399106, -3.79%

fell 1.6% and Hong Kong’s Hang Bed

-1.91%

lost 1.7%.

Kospi

SEU, -1.31%

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

XJO, -0.96%

decreased 0.9%.

Japan’s benchmark Nikkei 225

NIK, -2.01%

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

Y9999, -0.68%

and throughout Southeast Asia.

Among individual stocks, Fast Retail

9983, -2.25%

Nintendo

7974, -2.67%

and Sony

6758, -3.17%

fell in Tokyo trade. Hyundai Motor

005380, -4.38%

and SK Hynix

000660, -2.06%

dropped in Korea, while Taiwan Semiconductor

2330, -1.71%

fell in Taiwan. Geely Automotive

0175, -3.42%

China Life Insurance

2628, -3.74%

and Tencent

0700, -2.42%

were among the largest decliners in Hong Kong. oil Search

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 agreed on a broad agreement that would lead to some charges being removed from both countries. This means that China buys more American goods and opens some of its markets to foreign companies, it says.

But the report says that negotiators have not locked down important details, such as when tariffs will be removed and how to ensure that China stops its business. It added, referring to two people who were familiar with Beijing’s position, that Chinese officials were cautious about the final terms because Trump bowed to last-minute changes.

Trump told reporters on Wednesday that the negotiations were “moving very nicely”. The United States added a $ 200 billion tariff increase to Chinese goods to give officials time to draft an agreement.

Investors were also focused on the global economy. The European Central Bank delayed its next rate hike and announced a new round of cheap bank loans on Thursday. This is seen as a recognition of the bank’s weaker growth.

“The series of aggravating factors for growth problems continues to gather, the latest from the euro area, where the Asian markets accounted for synchronized decline to the end of the week” Jingyi Pan of 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 and dropped 0.8% to 2,748.93. Dow Jones Industrial Average

DJIA, -0.78%

decreased 0.8% to 25.473.23 and the Nasdaq composite material

[0145] COMP, [1.145%] cast 1.1% to 7,421.46.

US. crude

CLJ9, -1.08%

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

LCOK9, -1.30%

used to price international oils, 46 cents fell to $ 65.84 a barrel in London. The contract increased by 31 cents to settle at $ 66.30 per barrel on Thursday.

Dollar

USDJPY, -0.46%

returned to 111.06 yen from 111.57 yen late Thursday.

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