Forex Marketz Daily Forex News – Fully Markets Update
Asian and Pacific Rim equity markets were bleeding red on Wednesday.
Asian traders were digesting comments made by President Donald Trump. He said that a trade deal with China could be delayed until after the U.S. presidential election in 2020.
In Japan, the Nikkei 225 was down well over one percent. The broader Topic index, in Tokyo was down 0.37 percent.
In South Korea, the Kospi composite index was down 0.94 percent and shares of chipmaker SK Hynix fell 1.78 percent.
Elsewhere in the Asian and Pacific Rim, the Australian economy grew by 1.7 percent in the last quarter, on an annual rate. Shares on the Australian ASX 200 were down 1.4 percent as it led the region lower.
In China, the Shanghai composite fell 0.3 percent and the Shenzhen composite was up a fraction of a percent.
In Hong Kong, the Hang Seng index shed 1.19 percent by the afternoon.
Asian Traders Worry as Trump Says a Trade Deal with China could be Delayed
Traders have been hoping for a preliminary trade agreement between the world’s two largest economies by the December 15 deadline. That is when the U.S will impose more tariffs on goods from China.
Yesterday, President Donald Trump told the press that “in some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we will see whether or not the deal is going to be right.” When asked if he had had a deadline for a trade deal he responded “I have no deadline.”
Traders will also monitor key Institute for Supply Management (ISM) non-manufacturing (services) producer managers’ index (PMI) for the month of November. Traders are expecting this number to contract from the month of October from 54.7 to 54.5 for November.
Close attention will be paid to the services sector job growth in the ISM PMI report due out at this morning during the North American trader session.
