markets in China falling sharply affected by the U.S tariff.August 1, 2018
Most of the Asian equities closed today’s session in mixed territories with markets in China falling sharply affected by the U.S tariff.
Chinese shares were trading lower on Wednesday as losses in the Financials and Energy sectors pressured the stock market, the primary Chinese benchmarks Shanghai Composite fell by 1.8 percent or 52.19 points to end the session down at 2,824.20 and Shanghai Shenzhen fell 2.01 percent or 70.88 points to settle down at 3,446.77.
Chinese Markets were affected by news on the trade front, with Reuters citing a source that the Trump’s administration plans to propose a larger 25 percent tariff on $200 billion worth of Chinese goods. Which, would be greater than the 10 percent tariff the administration had mentioned earlier this month.
Moreover, Korean shares were trading higher on Wednesday as the market’s main index added 0.51 percent or 11.81 points to end the session in the green at 2,307.07 supported by the gains in healthcare and Consumer Non-Cyclicals sectors.
Hong Kong shares found pressure from losses in Telecommunication services and Energy sectors as both fell by 1.39 and 1.32 percent respectively, the market’s main index lost 0.96 percent or 275.30 points to close the session lower at 28,307.71.
Japanese Stock Market
Japanese stocks were trading higher on Wednesday as the primary Japanese index NKD225 rose by 0.86 percent or 192.98 points to close in the green at 22,746.70. Supported by gains in the Basic Materials and Financials sectors as both added 2.43 and 1.93 percent respectively.
In the economic news, the Bank of Japan kept its policy steady as it was widely expected making its policy framework more flexible for the long-term yield target.
Among the major exporters. Sony surged by 4.75 percent, Panasonic was down by 1.73 percent, and Mitsubishi Electric fell by 0.65 percent, while Canon lost 0.64 percent.
In the auto space, Toyota added 1.08 percent, and Honda rose by 2.95 percent. In the banking sector, Mitsubishi UFJ Financial rose by 2.4 percent.
In the currency market, The Japanese Yen was trading against the Greenback at 112.00 USDJPY at 8:00 GMT.
Australian Stock Market
Australian shares fell on Wednesday’s session the S&P/ASX200 fell by 0.07 percent or 4.5 points to end the session in the red at 6,275.70 pressured by losses in the Financials and Consumer Non-Cyclicals sectors.
Among big four banks, ANZ Banking, and Commonwealth Bank lost 0.78 and 1.44 percent respectively moreover Westpac and National Australia bank lost 0.85 and 1.24 percent respectively.
Regarding mining companies, Rio Tinto rose by nearly 0.55 percent, and BHP Billiton advanced by 0.63 percent, while Fortescue Metals added 0.63 percent.
In the Forex Market, the Aussie fell against the Greenback to trade lower at 0.7406 AUDUSD at 8:00 GMT.