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 equities generally inch up
Information is not investment advice
On Thursday, Asian equities generally gained because China’s leaders told that more stimulus measures are scheduled. A better-than-anticipated Caixin HIS Markit October PMI data backed Chinese shares too.
Chinese leader Xi Jinping told that the Chinese cabinet needs to take further steps to resolve a current economic situation because downward pressure is rallying. The statesman’s remarks arose after Wednesday’s data revealed that in October the Asian country’s manufacturing sector managed to expand at a slower pace.
Besides this, the Caixin-IHS Markit October Purchasing Managers' index, focusing on smaller sized businesses, accounted for 50.1. Market experts had hoped the reading would recede a bit from 50.0 to 49.9 in September.
The Shenzhen Component and the Shanghai Composite rallied by respectively 0.6% and 1.9%.
Larry Kudlow, Donald Trump’s economic advisor told that there’s still a likelihood that America would slap another pack of levies on China.
The Hang Seng Index soared by 1.8% in Hong Kong. Additionally, year-on-year Standard Chartered PLC posted a 35% leap in net revenue for the third quarter as well as a 33% lift for the first nine months of this year.
The upbeat earnings report powered the company’s equities in Hong Kong - they jumped by 1.83% coming up with an outcome of HK$55.65.
In the third quarter, the company’s net revenue rallied to about $752 million in contrast with $557 million in the same period of the previous year. Its net revenue also grew from $1.763 billion in the first nine months of the previous year to up to $2.345 billion in 2018.
The Nikkei 225 headed south by 0.7% in Japan. The KOSPI added 0.6% in South Korea.
Besides this, the ASX 200 ascended by 0.1% in Australia. As a matter of fact, National Australia Bank Ltd posted a 14% dive in annual cash earnings.
UK Prime Minister was placed in the intensive care. As a result, the British pound plummeted dramatically today.
Coronavirus pushes to recession countries one by one. This time it gets to Japan, known as one of the world’s hardest working nation.
Canadian jobs data will be announced on Thursday at 15:30 MT time.