Sat, May 18, 2024

Asian Market Dips, HK Bucks Trend | WibestBroker

Asian market concept – Asian city under construction – wibestbroker

The Asian market tumbled on Thursday after the United States announced new import tariffs on European Union products. Hong Kong, on the other hand, moved in the opposite direction.

MSCI’s broadest index for Asian shares ex-Japan lost 0.60%. Japan’s Nikkei index ended the session with a 2.00% loss. It was its biggest decline since August 26.

In Australia, stocks lost 2.07% to their lowest in five weeks. Shares from the Telecoms, Financials, and Energy sectors led the losses.

Over in Europe, the STOXX 50 futures slipped 0.38%. Similarly, London’s FTSE futures were 0.34% down.

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Over in Wall Street, US stock futures gained 0.22%. Even so, this did not improve the mood after the sharpest one-day decline in nearly six weeks last Wednesday. During that time, all three major US indices lost over 1.5%.

According to an analyst, stock markets have floundered because of the US manufacturing data this week. This Friday’s non-farm payrolls report will also contribute to the weakness of the market.

Hong Kong Bucks the Asian Market Trend

On the flip side, Hong Kong’s Hang Seng index bucked the trend in Asia. It gained 0.26% and closed at 26,110.31.

The sudden improvement came after reports said that city authorities would ban face masks at rallies. It would use an emergency law to enable such rule.

Meanwhile, Hong Kong retail sales in August recently plummeted to its lowest. The weakness was a result of the protracted protests in the city, which have been going on for months.

Retailer shares performed differently. Chow Tai Fook Jewellery rose 1.5%, while Prada tumbled 0.89%. Sa Sa International swelled 4.12%.

The protests have plunged the city into chaos, with the clashes between police and protesters becoming more violent. For instance, protesters are raging after a policeman shot a teenager at a close range with a live round.

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