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Asian stocks retreated after Pompio's remarks on the trade war

2019-08-21 02:28 am | Resource: News | No Views : 30

Asian stocks retreated after Pompio's remarks on the trade war

Asian markets fell on Wednesday morning after US markets fell overnight amid recession fears. After US Secretary of State Condoleezza Rice's announcement that trade tensions could end within a year, the session in Asia was followed by stock declines in the United States and Europe on Tuesday, as Italy's mounting political crisis is likely to dampen investor sentiment.

Pombo: trade war with China will end by 2020

 US Secretary of State Mike Pompo said a trade brawl with Beijing could end by the end of the US presidential election in 2020, CNBC reported. Pombo reportedly made the remarks at a private luncheon attended by a group of business leaders and economists, organized by the Free Trade Commission to unleash prosperity.

Earlier, Bombo called on Beijing to protect freedom of expression for Hong Kong citizens, although the Chinese Foreign Ministry hinted that interference in the ongoing protests would exacerbate the fragile trade talks between the two superpowers.

Asian indices trading
  • Japan's Nikkei 225 fell 0.57%
  • The Topix fell 0.79%.
  • In South Korea, the Kospi fell 0.11%.
  • Australia's ASX 200 down 0.76%

Major Asian stocks traded
  • Automobile stocks fell as Nissan shares fell 1.37%, Mazda Motor fell 2.41% and Toyota fell 0.19%.
  • Softbank Group fell 2.57% while banking and financial stocks also fell.

Asian Currency Trading
  •  The USD last traded at 98.202 against a basket of peers, rising from a previous low of 97.948.
  • The JPY traded at 106.37 against the USD, falling from levels below 106 the previous week.
  • Elsewhere, the Australian dollar changed at $ 0.6778.


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