Asian equities ended today’s trading session in the red as Trump’s administration was considering adding a 25 percent tariff on Chinese imports.August 2, 2018
Asian equities ended today’s trading session in the red territories following a mixed session in wall street while with markets in China fell sharply after reports showed that Trump’s administration was considering adding a 25 percent tariff on Chinese imports.
Chinese shares were trading lower on Thursday as losses in the technology, and Consumer Cyclicals sectors pressured the stock market, the primary Chinese benchmarks Shanghai Composite fell by 2.03 percent or 57.3 points to end the session down at 2,767.23, and Shanghai Shenzhen fell 2.25 percent or 77.69 points to settle down at 3,369.77.
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 lower on Thursday as the market’s main index fell by 1.6 percent or 36.87 points to end the session in the green at 2,270.20 pressured by the losses in Energy and financials sectors.
Hong Kong shares found pressure from losses in Consumer Cyclicals and Energy sectors as both fell by 4.3 and 3.1 percent respectively, the market’s main index lost 2.21 percent or 626.18 points to close the session lower at 27,714.56.
Japanese Stock Market
Japanese stocks were trading lower on Thursday as the primary Japanese index NKD225 fell by 1.03 percent or 234.17 points to close in the green at 22,512.53. Pressured by losses in Energy and Telecommunications Services sectors as both shed 1.94 and 1.69 percent respectively.
Among the major exporters. Sony added 0.2 percent, Panasonic was up by 1.76 percent, and Mitsubishi Electric added 0.69 percent, while Canon lost 0.54 percent.
In the auto space, Toyota lost 1.61percent, and Honda dropped 2.87 percent. In the banking sector, Mitsubishi UFJ Financial fell by 0.5 percent while Softbank lost 1.5 percent.
In the currency market, The Japanese Yen was trading against the Greenback at 111.61 USDJPY at 7:00 GMT.
Australian Stock Market
Australian shares fell on Thursday session the S&P/ASX200 fell by 0.55 percent or 34.8 points to end the session in the red at 6,240.90 pressured by losses in the Basic Materials and Technology sectors.
Among big four banks, ANZ Banking, and Commonwealth Bank lost 0.55 and 0.04 percent respectively moreover Westpac and National Australia bank lost 0.07 and 0.61 percent respectively.
Regarding mining companies, Rio Tinto slumped by nearly 5 percent, and BHP Billiton fell by 3.31 percent, while Fortescue Metals also lost 1.84 percent.
In the Forex Market, the Aussie fell against the Greenback to trade lower at 0.7375 AUDUSD at 7:00 GMT.