Asian markets ended mostly in red on Tuesday after US construction spending unexpectedly fell in December and China cut its GDP growth target, raising fresh concerns about global growth slowdown. China lowered its economic growth target for 2019 to a range of 6.0 percent to 6.5 percent from the 2018 target of around 6.5 percent, citing challenges from rising debt and a trade dispute with the US. Meanwhile, Chinese Commerce Minister Zhong Shan has stated that trade talks with the US have been ‘extremely difficult and time-consuming’ due to the large differences between the two countries. Japanese shares ended lower, with chipmakers and machinery firms underperforming amid concerns over slowing Chinese economy. Though, Chinese shares ended higher after Premier Li Keqiang's annual work report to the National People's Congress mentioned about wide-ranging tax cuts and targeted monetary support for the economy.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,054.25 | 26.67 | 0.88 |
Hang Seng | 28,961.60 | 2.01 | 0.01 |
Jakarta Composite | 6,441.28 | -47.14 | -0.73 |
KLSE Composite | 1,685.62 | -8.37 | -0.49 |
Nikkei 225 | 21,726.28 | -95.76 | -0.44 |
Straits Times | 3,234.07 | -17.01 | -0.52 |
KOSPI Composite | 2,179.23 | -11.43 | -0.52 |
Taiwan Weighted | 10,305.26 | -44.62 | -0.43 |
