Thursday, November 30, 2023

Asian stock markets closed lower, with an eye on China and a possible close in the USA

Asian stocks closed lower on Tuesday, amid concerns about the Chinese economy and a possible US government shutdown.

The Japanese Nikkei index fell 1.11% in Tokyo today, to 32,315.05 points, the lowest of the session, while the Hang Seng fell 1.48% in Hong Kong, to 17,466.90 points, the South Korean Kospi fell 1.31% in Seoul, to 2,462.97 points , and Taiex registered a loss of 1.07% in Taiwan, at 16,276.07 points.

In mainland China, the day was also negative: the Shanghai Composite fell 0.43%, to 3,102.27 points, and the less comprehensive Shenzhen Composite fell 0.52%, to 1,894.68 points.

China’s fragile economic recovery returned to the radar over the weekend after fresh signs of trouble in the property sector.

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“The difficulties in China’s real estate sector are far from over, as the famous property developer Evergrande failed to pay 4 billion yuan in domestic bonds and postponed debt restructuring meetings, ” commented Tina Teng, market analyst at CMC Markets APAC & Canada.

In the USA, Joe Biden’s government is facing the possibility of a shutdown in the short term, due to budget disagreements in Washington.

Also weighing on sentiment are concerns that American interest rates will remain at higher levels than expected, as the Federal Reserve (Fed, the central bank of the US) has signaled last week, when it left key rates unchanged.

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In Oceania, the Australian stock market is also in the red today, with a drop of 0.54% in the S&P/ASX 200 in Sydney, at 7,038.20 points.

Nation World News Desk
Nation World News Desk
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