Of late, stocks in Asia traded lower as U.S. President Donald Trump intimidated to surge taxes on Chinese products if the two economies do not hit a deal. Mainland Chinese stocks inched lower, with the Shanghai Composite dropping by 0.38% and Shenzhen Component shedding by 0.13%. The Shenzhen Composite was lower around 0.1%. In Hong Kong, the Hang Seng index dropped 0.63%. The PBC (People’s Bank of China) announced its new loan prime rates previously. The 5-Year and 1-Year loan prime rates were trimmed by 0.05% each from a previous month to 4.8 % and 4.15%, respectively. Elsewhere, Japan’s Nikkei 225 index declined 0.79% whilst the Topix index crashed by 0.58%. That came following Japanese export data for October by Japan’s Ministry of Finance showed that exports for the month slipped by 9.2% on a yearly basis.
In Australia, the S&P/ASX 200 index dropped by 1.4% since the heavily-weighted financial sub-index dropped by about 2%. The shares of Australian “Big Four banks” crashed: Westpac fell 3.18%, Commonwealth Bank of Australia dropped 1.62%, National Australia Bank slid 2.29%, and Australia and New Zealand Banking Group slipped 1.81%. The moves across the sector came subsequent to Australia’s anti-money-laundering regulator—AUSTRAC—registered for civil fine orders against Westpac. In South Korea, the Kospi index shed by 1.29% as the shares of Samsung Electronics and chip producer SK Hynix dropped over 2.5% each.
On a similar note, recently, Trump threatened higher levies if China doesn’t make a trade agreement. The comments came at a summit with the president’s Cabinet. The U.S. and China—the two largest economies globally—have been stuck in an apparent deadlock in trade conciliations that have lasted for almost 2 Years. In the meeting, Trump said, “If we don’t make a contract with China, I will just increase the tariffs even higher.”
Erik Matthews after the completion of Masters in Business Administration has switched to writing. His skillful writing is worth applause. Erik has all his articles written down in a very smooth-tongued manner that too only after thorough research. He has spent 5 years working for the News Stock Exchange portal. Erik also holds certain workshops regarding contextual skills. He is currently taking care of the Business domain owing to the immense knowledge regarding the economic world. He also trains the juniors so as to have them well-educated in the field of writing. Erik has all his articles written in a very realistic and finest pattern that even a layman could read.