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On Friday, Asian equities found a bit firmer footing, setting course for their first profits for two weeks, although the rout resumed in Shanghai where equities reached minimums last observed in 2014.
Eventually, investor sentiment turned out to be fragile because Wall Street's fear indicator surged to an eight-month maximum, indicating more downside risk, according to some market sources.
The greatest market shakeout since February has been reportedly provoked by a series of factors, such as fears over the impact of a China-US trade conflict, this week’s leap in American bond gains and also caution in the eve of earnings seasons.
Besides this, the MSCI index of Asia-Pacific stocks MIAPJ0000PUS managed to head north by 1.3% led by profits in Taiwan and South Korea. On Thursday, the MSCI index slumped by 3.6% reaching a 1-and-a-1/2 year minimum. It’s on track for a weekly 4% dive.
The Japanese N225 headed south by 0.5%. The Shanghai Composite sank by 1.8% reaching the lowest value since late 2014.
Meanwhile, in the United States the S&P 500 dived by 2% ending up with a three-month minimum, having lost 3.29% on Wednesday.
Besides this, the futures of the American index ESc1 bounced off 0.6% in Asia trade, in part backed by media report that the US Treasury Department won’t label China as a currency manipulator in its semiannual report to be released soon.
On Friday, Chinese trade figures disclosed that China's trade surplus with America reached a record maximum in September, thus providing a probable source of contention with American leader over trade policies as well as the currency.
Moreover, the data revealed firm expansion in China's exports and imports, dropping a hint at minor damage from the tit-for-tat levies with America.
This week, American and Chinese equities have appeared to be the top losers because investor fears about the trade conflict are increasing.
On Wednesday, American stock index futures headed south because dismal data out of China affected market sentiment, while traders waited for more developments related to the US-China trade conflict…
On Wednesday, Italian stocks led losses in the European Union right after the country's deputy prime minister told that Rome considers breaking EU fiscal rules, thus masking early revenue powered by optimism around the US-China trade conflict…
On Tuesday, another US-China tariff conflict escalation put pressure on Asian stocks, although remarks from American leader that he expects trade talks to be successful backed market sentiment…
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums…
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