Asia Stocks Trade Down on Fed Jitters – China Loses More Ground
Stocks across Asia today traded down, with China leading the losses, on concerns over the Federal Reserve decision coming up on Thursday and more overnight selling of oil.
China was down over 2.7% in afternoon trade, with the SHCOMP dropping 81 points. The SHSZ300, which reflects stocks in China’s industrial hubs of Shenzhen and Shanghai, was down over 7%. China Life Insurance, Air China and China Merchants Energy Shipping all saw declines of over 3%.
In Hong Kong, the HSI slid 1.8% in the afternoon, dropping 350+ points as China exposed companies led the sell-off. AIA and the Bank of China, both of which saw significant upticks in yesterday’s trade, both saw those gains erased as they dropped by more then 1.5% and 2% respectively. A few companies, including China mobile and Power Assets, held onto marginal gains and traded flat.
In Japan, the Nikkei showed that its woes are far from over as traders continued to sell, causing it to drop another 400 points (2.4%) after the break. The Nikkei sits down 4.6% for the year, having seen the majority of the gains it enjoyed last year wiped out on the Asian sell-off.
Yet again we are shown that the Asian sell-off is not over. While today is relatively calm as compared to recently, it shows that any uncertainty can still send the markets into a downward spiral and gains that take several days to restore can be slashed in hours.
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