Asian markets ended mostly lower on Wednesday on concerns over trade tensions lingered ahead of the signing of a phase one trade deal between the United States and China. US Treasury Secretary Steven Mnuchin said that tariffs on Chinese goods will remain in place until the completion of a second phase of a Sino-US trade agreement, even as both sides are expected to sign an interim deal at the White House. US President Donald Trump is slated to sign the Phase One trade deal with Chinese Vice Premier Liu He at the White House on later in the day. Under the Phase One trade deal, China would also buy over $50 billion more in energy supplies and boost purchases of US services by about $35 billion over the same two-year period. Further, the Chinese currency yuan also weakened after the US signaled that tariffs on Chinese imports would continue at least until the upcoming presidential elections, while the People’s Bank of China added $58 billion into the country’s banking system as holiday nears.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,090.04 | -16.78 | -0.54 |
Hang Seng | 28,773.59 | -111.55 | -0.39 |
Jakarta Composite | 6,283.36 | -42.05 | -0.66 |
KLSE Composite | 1,585.14 | 4.54 | 0.29 |
Nikkei 225 | 23,916.58 | -108.59 | -0.45 |
Straits Times | 3,256.98 | -13.56 | -0.41 |
KOSPI Composite | 2,230.98 | -7.90 | -0.35 |
Taiwan Weighted | 12,091.88 | -87.93 | -0.72 |
