The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
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.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
RBA Rate Statement is released on Tuesday at 07:30 MT time.
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.