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Asian Stocks Resume Declines amid Economic and Geopolitical Uncertainty

Asian markets resumed declines in morning trade on Tuesday

Investing.com - Asian markets resumed declines in morning trade on Tuesday as economic and geopolitical uncertainty continued to weigh on sentiment.

Continuing U.S.-China trade dispute, recent tension surrounding the murder of Jamal Khashoggi and worries over the Italian budget were all cited as headwind for global stocks.

Overnight, the Dow Jones Industrial Average declined by 126.93 points to close at 25,317.41, while the S&P 500 slid by 0.4% to end at 2,755.88. The Nasdaq Composite advanced by 0.3% to close at 7,468.36.

China’s Shanghai Composite and the Shenzhen Component both fell 0.8% by 9:45 AM ET (01:45 GMT). Hong Kong’s Hang Seng Index slid 1.3%.

Chinese stocks recorded the biggest jump in more than two years on Monday after President Xi Jinping offered support to the country’s private sector. The Shanghai Composite surged 4.1% on Monday and 2.6% on Friday.

Zhang Qingli, a leader member of a Chinese committee tasked with forging alliances with other nations, said on Monday that China is not intimidated by the Trump administration and its trade tactics.

"China never wants a trade war with anybody, not to mention the U.S., who has been a long term strategic partner, but we also do not fear such a war," said Zhang.

“The U.S. side has disregarded a consensus with China after multiple rounds of consultations, insisting on waging a trade war against China and continuing to escalate it. In response, China is left with no other option but to make necessary counter actions," he added.

Elsewhere, Japan’s Nikkei 225 and South Korea’s KOSPI both declined 1.8% in morning trade.

Down under, Australia’s ASX 200 fell 0.8%.




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