Oyindamola Alamu
With agency report
Asian stocks fell across board, after Wall Street U.S equities dropped, though declines futures rose after China pledged to start delivering on trade agreements reached with America.
Stocks fell in Japan, Korea, Australia and Hong Kong, and China’s yuan gave up some of its recent surge. The break in trading in the U.S. offers respite to investors after a roller coaster few days, and a
chance to reassess what might be behind the latest bout of selling.
From the trade war to flattening treasury yield curve there’s no shortage of culprits, but the underlying narrative appears to be mounting concern that the global growth picture is not as robust as it seems.
On the other hand, China’s announcement, another twist in the trade war saga, was a dose of positive news.
Also, the pound shifted as investors await the publication of legal advice on Prime Minister Theresa May’s Brexit deal, which confirmed that the so-called customs backstop the insurance mechanism that kicks in if the Irish border issue cannot be resolved could remain “indefinitely.” The dollar ticked higher as the U.K. government published legal advice relating to its proposed Brexit deal.
Global market have been left stumbling after steep sell-off in New York, U.S is at stable mind after China’s Commerce Ministry said Beijing will start to quickly implement specific items where there’s
consensus with the U.S. and will push forward on trade negotiations within the 90-day “timetable and road map.” While the Stoxx Europe 600n Index slumped as much as 1.2 percent, that was far less than the 3.2 percent plunge recorded by the S&P 500 a day earlier. Futures for America’s benchmark gauge advanced, though the U.S. market will be closed to mark the death of President George H. W. Bush.
Elsewhere, Australia’s dollar slid after weaker-than-anticipated economic growth for the third quarter, and West Texas oil prices fell back toward $53 a barrel as traders await critical OPEC gathering.
