Asian Markets Sink With Wall St As Confusion, Uncertainty Reign 05 December 2018
Fakhir Rizvi Published December 05, 2018 | 03:36 PM
Asian markets fell Wednesday following a rout on Wall Street, as investors were bombarded by a "perfect storm" of problems from trade to Brexit that erased the positivity seen at the start of the week
Hong Kong, (UrduPoint / Pakistan Point News - 5th Dec, 2018 ) :Asian markets fell Wednesday following a rout on Wall Street, as investors were bombarded by a "perfect storm" of problems from trade to Brexit that erased the positivity seen at the start of the week.
The glum mood overshadowed hints from Donald Trump at more time to resolve the China-US trade row, as well as soothing comments from China about their desire to push on with a weekend agreement between the world's top economies.
Trading floors are awash with uncertainty over the agreement Trump hammered out with Xi Jinping to much fanfare -- and an initial market rally -- in Buenos Aires, with little clarity emerging and the US president shifting his tone.
While he hailed the deal at first, on Tuesday he warned on Twitter "remember, I am a Tariff Man", adding "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so".
Then, in another tweet he left open the door to an extension of the agreement's 90-day timeline to end the row.
China's commerce ministry Wednesday called the pact "successful" and said it "will start with the implementation of the specific matters in which consensus has been reached, the sooner the better", without providing more details.
Concerns are also mounting about the US economy after the difference in yields on two- and 10-year bonds narrowed, suggesting traders are increasingly concerned about longer-term prospects.
The are fears of an "inversion" where short-term yields overtake long-term rates, which in the past has been the precursor to a recession.
The Dow dived 3.1 percent, S&P 500 tanked 3.2 percent and the Nasdaq plunged 3.8 percent.
In Asia Hong Kong plunged 1.6 percent, Shanghai ended 0.6 percent lower and Tokyo was down 0.5 percent.
Related Topics
Recent Stories
HDA Mehran workers demand salaries
WB director, Planning minister discuss reforms in development projects
Sindh home minister chairs law and order meeting
Bakht Kakar orders to ensure maximum facilities in livestock sector
NEPRA concludes hearing into FCA of DISCOs for March
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
Chairman COPHC lauds MoMA’s efforts at Gwadar Port, Free Zone
CM’s aide directs steps to prevent domestic violence against women
LESCO detects 74,621 power pilferers in 220 days
Regional Police officer (RPO) Shariq Kamal Siddiqui holds open court
LESCO collects over Rs 4.36m from 189 defaulters in 24 hours
Secretary health urges public to follow precautionary measures to avoid spreadin ..
More Stories From Business
-
WB director, Planning minister discuss reforms in development projects
3 minutes ago -
IP rights crucial in achieving SDG : Jam Kamal
1 hour ago -
FBR’s data protection efforts commended by OECD assessment team
1 hour ago -
US stocks rebound on tech earnings, London hits new record
2 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
2 hours ago -
SBP to announce monetary policy on April 29
2 hours ago
-
50pc cut in subsidy of BRT service likely: CM’s aide
3 hours ago -
PSX gains 771 points
4 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
4 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
4 hours ago -
Coca-Cola invests an additional $22 million in Pakistan
4 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
5 hours ago