Asia-Pacific lower as IMF lowers 2020 forecast

Thursday, 22. October 2020 07:31

Major stock markets in the Asia-Pacific region traded lower on Thursday as the International Monetary Fund (IMF) forecast the economy in the zone was to contract by 2.2% for the entire 2020, instead of by the previously predicted 1.6%.

Meanwhile, United States President Donald Trump again labeled the coronavirus as the "China virus" and threatened Beijing would "own the US" if his Democratic rival in the 2020 elections Joe Biden won. Lastly, Washington approved an arms sale to Taiwan worth more than $1.8 billion, the territory that considers itself an independent state, while China claims it as its own.

The Nikkei 225 lost 0.55% at 7:30 am CET. At the same time, Hong Kong's Hang Seng stood flat. In mainland China, the Shenzhen Composite Index went down by 0.45% at 7:30 am CET, while the Shanghai Composite dropped by 0.64% at 7:15 am CET. South Korea's Kospi decreased by 0.78% at 7:30 am CET. Meanwhile, the S&P/ASX 200 in Australia closed 0.29% lower. The dollar advanced 0.07% against the Japanese yen to exchange hands for ¥104.6705 at 7:27 am CET.

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Breaking the News / JR