Asian stocks plunge as trade talks stall

Thursday, 21. November 2019 07:39

Equities in stock markets in the Asia-Pacific region traded drastically lower on Thursday as traders learned of new developments, or the lack thereof, in trade talks between the world's two largest economies. Investors will be likely to echo yesterday's reports which suggested that the United States and China might not sign the first chapter of their long-awaited trade accord this year.

Meanwhile, diplomatic ties are also under threat of being damaged as President Trump is now expected to sign the bill supporting Hong Kong protesters, which Congress had already passed, and turn it into law, the move to which China has strenuously objected.

In Japan, the Nikkei 225 contracted 0.48% as the session ended, while in South Korea, the Kospi Composite closed sharply lower, losing 1.53% of the value.

In protest-stricken Hong Kong, the Hang Seng declined 1.61% at 7:29 am CET, as Shanghai Composite dropped 0.46%. The Shenzhen Composite lost 0.67% at 7:31 am CET.

In Australia, the S&P/ASX 200 retreated 0.74% at the closing bell.

The US dollar traded flat against the Japanese yen, going for ¥108.5675 at 7:36 am CET. The pound meanwhile gained against both the yen and Hong Kong dollar, 0.05% and 0.09%, respectively, selling for ¥140.38500 and HK$10.12020.

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Author:
Breaking the News / GG