Nike has dropped to lows unseen since November of 2020 as it faces a boycott in China over Xinjiang's cotton issues.
Asian stocks mostly decline with Trump-Xi meeting awaited
On Thursday, Asian stocks mostly eased, with traders eagerly waiting for the tone of summit talks with Chinese President Xi Jinping in Florida.
Japanese markets dropped on a stronger yen with the Nikkei 225 sliding 1.40%.
Additionally, Toshiba sacked the chairman of Westinghouse Electric, its American nuclear subsidiary, before the latter dared to file for bankruptcy the previous week. As a result, the Japanese conglomerate faces billions of US dollars in losses because of huge cost overruns incurred by Westinghouse. In Asia trade Toshiba stocks stood still.
The Shanghai composite grew 0.15%, Hong Kong's benchmark Hang Seng Index lost 0.48%. The Caixin services PMI for March in China hit a six-month minimum of 52.2, which is below expectations.
Overnight, American stocks closed lower after the Fed minutes from its March gathering. The major US bank dropped a hint that it would start shrinking its $4.5 trillion balance sheet later in 2017.
Chinese stocks were pressed by the US plans to kick them off US stock exchanges. Alibaba has already plunged by 4% in pre-market hours.
Bitcoin skyrocketed 5% after Tesla’s founder Elon Musk officially announced it will accept the cryptocurrencies as payment.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.