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Asian markets experienced a significant downturn, with Japan's Nikkei 225 index plunging nearly 8% following a major sell-off on Wall Street driven by U.S. tariff hikes and retaliatory measures from China. The S&P 500 and Dow Jones saw declines of 6% and 5.5%, respectively, as uncertainty over the trade war escalated. Analysts warn of ongoing volatility and potential global recession risks as both nations impose heavy tariffs, impacting economies reliant on exports.
China's manufacturing activity expanded in November, with the Caixin/S&P Global PMI rising to 51.5, surpassing forecasts and indicating growth for the second consecutive month. This improvement is attributed to increased new business inflows and a rise in export orders, reflecting the impact of recent stimulus measures. However, challenges remain, including a decline in real estate investment and potential tariff risks from the U.S.
The Swiss stock market faced losses, influenced by statements from Trump, with Roche declining after a research setback and Avolta plummeting. In China, export-oriented companies struggled, while the Shanghai stock exchange gained 0.4%. Meanwhile, Japan's Nikkei index fell 1.3%, heavily impacted by chip manufacturers and major car makers.
China's central bank has maintained its medium-term lending rate at 2.0% to stabilize the yuan amid pressures following the U.S. presidential election. The People's Bank of China aims for gradual policy adjustments, with expectations of potential reserve requirement ratio cuts and a cautious approach to interest rate changes as it navigates economic challenges. The offshore yuan has depreciated over 3% since late September, prompting discussions on balancing economic revitalization with exchange rate stability.
Foreign investors have sold off $38 billion in Chinese government bonds over the past two months, reversing a popular trade that had thrived on currency support from Beijing. This sell-off was triggered by a stimulus package announcement, leading to increased bond yields and reduced attractiveness of the trade. As a result, demand for Chinese bonds may remain subdued, with some investors shifting focus to Chinese equities instead.
China's industrial profits fell 27.1% in September, the steepest decline since March 2020, amid slow growth and a property crisis. The economy grew by 4.6% in Q3, the slowest pace this year, prompting calls for stronger demand-side policies as authorities prepare for fiscal stimulus measures. The upcoming manufacturing PMI for October is expected to show slight improvement, with economists predicting a reading of 50.1.
Gary Ng
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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