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Asian markets are trading lower as global selling continues

2018-12-06 06:50 am | Resource: News | No Views : 37


 
Major markets in the Asia-Pacific region retreated with heavy losses on Thursday as they faced doubts about the US-China trade talks. US President Donald Trump expressed optimism, saying his Chinese counterpart, Xi Jinping, "meant every word of what he said" at the G20 meeting.

Meanwhile, the financial director of Huawei Technologies in Canada has been arrested in suspicions that it violated US sanctions against Iran. Investors also watched the OPEC meeting, which resulted in an agreement on reducing oil supply early next year.

Huawei's financial manager arrested for violating Iran sanctions

Local media said Huawei's chief financial officer, Wanzhou Ming, was arrested in Vancouver, Canada, on suspicion of violating US sanctions against Iran.

Wangzhou Meng was arrested in Vancouver on December 1. The United States said it was seeking extradition, and a hearing was held to ensure Friday, a Justice Department spokesman said.

A report by The Wall Street Journal revealed in April that the US Justice Department investigated the Chinese technology giant "for reasons of national security." Huawei responded that it "complies with all applicable laws and regulations" in the countries in which it operates.

China calls for immediate release of Huawei's chief financial officer

The Chinese Embassy in Ottawa rejected charges against Huawei's financial manager, Wanzhu Meng, and called for her immediate release.

"The Chinese side strongly opposes and strongly protests such acts which seriously harm the human rights of the victim," said an embassy spokesman, adding that "the Chinese side has lodged strong protests with the United States and Canada, urging them to rectify the mistake immediately and restore the personal freedom of Ms. Meng Wanzhou "He said.

Asian Indices Trading
  • The Nikkei 225 index fell 1.49% at 04:47 CET.
  • South Korea's Kospi Composite Index fell 1.39% at 04:48 CET.
  • The Shanghai Composite Index fell 1.28% at 4:30 am CET,
  • While the Shenzhen Composite Index fell 1.6% at 04:46 CET.
  • Hong Kong's Hang Seng Index fell 2.5% at 4:50 am.
  • The Australian Standard & Poor's / ASX 200 traded 0.62% in the red zone at 4:50 am CET.

The dollar fell 0.46% against the yen at 4:51 am CET, where it sold for 112.706 yen.


Other analysis

NASDAQ Technical Analysis 14 December 2018

Time frame Used - four hours The NASDAQ 100 is moving in a sideway direction in the near term. The Nasdaq 100 is still facing resistance and selling pressure around levels of 6864-6903, retreating downside to hit the NASDAQ 100 to the support level of 6644 forming a positive candlestick pattern. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Accordingly, we…

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