Asian markets trade lower as trade optimism slides

Australian stocks were down 0.1% percent, South Korea's KOSPI and Japan's Nikkei lost 0.5% each, Jakarta Composite slipped 0.68%, while Shanghai Composite is marginally up.

Feb 28, 2019 08:02 IST India Infoline News Service

Market Crisis
Asian stock markets were trading lower on Thursday after US Trade Representative Robert Lighthizer dented some of the recent optimism towards Sino-US trade relations, while the dollar held gains, supported by higher bond yields.

Also, China PMI index fell to 49.2 in February, data showed on Thursday, the weakest level since February 2016. The 50-point index mark separates expansion from contraction on a monthly basis.

Australian stocks were down 0.1%, South Korea's KOSPI and Japan's Nikkei lost 0.5% each, Jakarta Composite slipped 0.68%, while Shanghai Composite is marginally up.

The dollar index against a basket of six major currencies stood little changed at 96.085.

Meanwhile, crude rallied on Wednesday after US inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from Donald Trump seeking to keep oil prices from climbing.

US crude oil futures were 0.07% higher at $56.98 per dollar, adding to gains from the previous day when the contracts had surged 2.5%.

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