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Asian markets end in red on global growth concerns

10 Dec 2018 Evaluate

Asian markets ended in red on Monday as weaker-than-expected US jobs data for November as well as weak data from China and Japan raised fresh concerns over global growth. Brexit-related uncertainty and rising tensions between the US and China over the detention of tech company Huawei's CFO Meng Wanzhou also dented investor sentiment. Chinese shares closed down as weaker-than-expected data on trade pointed to slower global demand. Reports showed China's exports rose 5.4 percent from a year earlier in November, marking the weakest performance since a 3 percent contraction in March. Import growth stood at 3 percent, the slowest since October 2016. Separately, China's consumer inflation and producer price inflation eased in November, giving policymakers more room to loosen fiscal and monetary policies. Further, Japanese shares ended lower on worries over fresh Sino-US trade tensions after White House trade adviser Peter Navarro said the Trump administration would raise tariff rates on China if the two countries fail to resolve their issues during the 90-day truce period. Data showing that the Japanese economy contracted the most in over four years in the third quarter also added to investor worries over slowing global growth. GDP shrank at an annualized rate of 2.5 percent in July-September, worse than an initial estimate of a 1.2 percent contraction, revised data showed.

Asian Indices

Last Trade           

Change in Points

Change in %

Shanghai Composite

2,584.58
-21.31
-0.82

Hang Seng

25,752.38
-311.38
-1.19

Jakarta Composite

6,111.36
-15.00
-0.24

KLSE Composite

1,663.31

-17.23

-1.03

Nikkei 225

21,219.50
-459.18
-2.12

Straits Times

3,072.44
-38.68
-1.24

KOSPI Composite

2,053.79
-21.97
-1.06

Taiwan Weighted

9,647.54
-113.34
-1.16

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