Sun, June 16, 2024

Stocks and the global economy

Asian stocks on Friday

Stocks and the global economy

On Friday, shares in Asia due to the uncertainty connected with U.S-China trade talks. Investors are trying to analyze the recent news which came from the Chinese Commerce Ministry.

On November 7, Gao Feng, who is a spokesperson for China’s Commerce Ministry made a statement that helped to boost the stock markets.  He said that China and U.S. agreed to roll back the tariffs as part of the “phase one” deal.

This news is important for another reason as well. The initial agreement between the U.S. and Chinese representatives did not mention this precondition. Moreover, a U.S. official confirmed this information, and this shows that U.S. officials are aware of this news.

Gao Feng also mentioned that both sides were closer to sign the “phase one” deal. However, the exact date when the U.S. President Donald Trump and China’s President Xi Jinping remains unknown.

It is worth mentioning that the “phase one” the deal won’t solve all of the problems connected to the trade war.

Stocks on FridayStocks on Friday

As mentioned above, shares in Asia fell on November 8. The Shanghai Composite fell by 0.49% to 2,964.18. At the same time, the Shenzhen component declined by 0.22% to 9,895.34. Another Chinese index, which is the Shenzhen composite fell by 0.187% and is close to 1,648.68.

The shares of Chinese tech giant Tencent declined by 2.04%.

In Hong Kong, the Hang Seng index fell by 0.84% during the final hour of trading. 

South Korea’s Kospi index declined by 0.33% and is close to 2,137.23.

In Japan, shares defied the regional trends as the Nikkei 225 index added 0.25% and is close to 23,391.87. Another Japanese index Topix gained 0.27% and finished the trading day at 1,702.77.

The shares of Australia also declined on Friday. The S&P/ASX 200 finished its trading day just below then flatline at 6,724.10.

In the U.S. situation is different as stock indexes increased on Thursday. Dow Jones Industrial Average increased by 182.24 points to 27,674.80. The S&P 500 rose by 0.3% to 3,085.18. The Nasdaq Composite increased by 0.3% to 8,434.52.

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