Asian stocks plummet after Wall Street slides, China slows down
Asian stocks plummet after Wall Street slides, China slows down
Asian stock ExchangeOn Friday, it sank after Wall Street declined due to losses in technological and industrial stocks and Chinese economic growth slowed.
KEEP THE SCORE: The Nikkei 225 index of Tokyo fell 1.1 percent to 22,411.33 and the Kospi of Seoul fell 0.3 percent to 2,141.06. The Shanghai Composite Index remained stable at 2,485.99 and the Hang Seng of Hong Kong fell 0.3 percent to 25,378.50. The S & P-ASX 200 in Sydney fell 0.2 percent to 5,929.50 and benchmarks in New Zealand, Taiwan and Southeast Asia also fell.
WALL STREET: Investors sold technology and Internet stocks, industrial companies and companies that depend on consumer spending amid concerns about economic growth. The Standard & Poor's 500 index has lost 5.5 percent in volatile transactions since October 3. The companies of basic and industrial materials that concern investors could be vulnerable to a worsening of the tariff battle between the United States and China, have suffered some of the biggest losses. The S & P 500 was down 1.4 percent at 2,768.78. The Dow Jones Industrial Average lost 1.3 percent to 25,379.45. The Nasdaq compound sank 2.1 percent to 7,485.14.
CHINA: Growth in the world's second largest economy slowed to 6.5 percent in the quarter ended September from 6.7 percent in the previous quarter. The slowdown adds to the pressure on communist leaders as they fight a growing tariff battle with Washington. A government spokesman said the economy was stable, but "external challenges" and "downward pressure" were increasing. Retail spending and investment, key economic drivers, slowed to still solid levels.
ANALYST TAKEN: "Markets continue to tremble as political turbulence advances," Stephen Innes of OANDA said in a report. The Chinese data "offer little comfort to the feeling of risk," Innes said. "There are worrying signs beyond the tariff effect that are most worrying," including weaker factory production, he said.
ENERGY: US benchmark crude rose 11 cents to $ 68.76 per barrel in electronic transactions on the New York Mercantile Exchange. The contract fell $ 1.10 on Thursday to $ 68.65. Brent crude, used to quote international oils, gained 28 cents at $ 79.57 in London. It withdrew 76 cents the previous session to $ 79.29.
CURRENCY: The dollar rose to 112.38 yen from 112.17 yen on Thursday. The euro advanced to $ 1.1458 from $ 1.1453.
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