Asian stock markets are mixed on Tuesday after the International Monetary Fund (IMF) downgraded its economic outlook, citing rising interest rates, mounting US-China tensions over trade and a slowing Chinese economy. The fund said in its updated World Economic Outlook that it was now predicting a 3.7% growth, down from the 3.9% growth it forecasted in July. It was the first downgrade since July 2016. Meanwhile, the Japanese market is lower following the lackluster cues overnight from Wall Street and on a stronger yen. Among the other Asian markets, Hong Kong, Taiwan, Indonesia and Shanghai are higher. Bucking the trend, Singapore, and Malaysia are lower. The markets in South Korea are closed for a public holiday.
Hang Seng added 109.40 points or 0.42% to 26,311.97, Jakarta Composite gained 6.01 points or 0.10% to 5,767.08, Taiwan Weighted increased 38.95 points or 0.37% to 10,494.88, and Shanghai Composite up by 13.29 points or 0.49% to 2,729.80.
On the flip side, Nikkei 225 dropped 305.79 points or 1.30% to 23,477.93, Straits Times dipped 12.59 points or 0.40% to 3,168.86, and FTSE Bursa Malaysia KLCI down by 0.32 points or 0.02% to 1,775.43.
