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Asian stocks drop and Bank of Australia proves interest rates

2018-12-04 06:59 am | Resource: News | No Views : 163

 Asian markets were trading Tuesday's losses after initially rising on Monday following a breakthrough in China-US trade negotiations.

However, doubts remain about the final outcome of the talks in the coming months and on the possible content of a possible trade deal between the two countries. US President Donald Trump praised the results of his meeting with Chinese President Xi Jinping, noting that relations with Beijing "have taken a big step forward." Trump also claimed that China would "cut and lower tariffs" on cars imported from the United States.

RBA leaves interest rate unchanged at record low

The Australian Reserve Bank of Australia (RBA) decided on Tuesday to keep the interest rate unchanged at a record low, pointing to slower wage growth and lower inflation.

The Reserve Bank of Australia (RBA) board, controlled by Philippe Lowe, voted to keep rates at 1.50%. The interest rate has remained at the current level since August 2016.

"Taking into account available information, the Board considered that the monetary policy stance unchanged at this meeting would be consistent with sustainable growth in the economy and achieve the inflation target over time," the bank said in a statement.

Moon: Kim's visit may help in nuclear disarmament

On the political front, South Korean President Moon Jay-en said there was "a possibility" that North Korean leader Kim Jong-un could visit Seoul by the end of the year. "But what is more important than whether the visit will take place within a year or not is that President Kim's visit to Seoul could further promote North Korea's denuclearization and lead to further progress," Moon said in a photo on the left.

The two leaders met for a summit in April and again in September, hinting at the possibility of signing the peace declaration, formally ending the Korean War, and pledging to denuclearize the Korean Peninsula. However, although the two countries continue to rebuild their relations, South Korea said North Korea continued to develop its ballistic and nuclear missile programs.

Asian Index Trading
  • The Nikkei 225 was down 0.86% at 04:48 CET.
  • South Korea's Kospi Composite Index fell 0.52% at the same time.
  • The Shanghai Composite Index was trading at 4:30 am CET,
  • While the Shenzhen Composite Index fell 0.11% at 04:46 CET.
  • Hong Kong's Hang Seng Index fell 0.4% at 4:50 am.
  • The Australian S & P / ASX 200 index fell 0.9% at 4:51 am CET.

The dollar was down 0.3% against the yen at 4:52 am CET, selling at 113.325 yen.

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