Asian stocks closed mostly lower on Wednesday as investors braced for China's countermeasures against US tariffs on Chinese products worth about $50 billion focusing on high-tech items. Beijing has immediately vowed to impose measures of the ‘same strength’ against US goods, fueling fears that escalating trade worries could hurt global growth. Traders also awaited cues from Friday's US employment report as well as a slew of US reports on private sector employment, service sector activity, factory orders and international trade due this week amid expectations for further monetary policy tightening. Chinese shares ended slightly lower as investors trimmed their equity exposure ahead of the Tomb-sweeping holiday break. While there was some lingering unease among investors, most see the widely-expected US sanctions as having negligible impact on growth, and expect a full-blown trade war will be averted through negotiations. Meanwhile, Japanese shares ended higher in choppy trade as some automakers rose after they reported strong US sales numbers, helping offset the impact of a stronger yen.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,131.11 | -5.52 | -0.18 |
Hang Seng | 29,518.69 | -661.41 | -2.19 |
Jakarta Composite | 6,157.10 | -71.92 | -1.15 |
KLSE Composite | 1,815.94 | -34.84 | -1.88 |
Nikkei 225 | 21,319.55 | 27.26 | 0.13 |
Straits Times | 3,339.70 | -72.45 | -2.12 |
KOSPI Composite | 2,408.06 | -34.37 | -1.41 |
Taiwan Weighted | - | - | - |
