Asian markets under pressure; Shanghai Composite slips over 1.5%

The Nikkei225 index slipped 0.71% while South Korea’s Kospi marginally up.

Aug 07, 2020 11:08 IST India Infoline News Service

Stocks markets in Asia have take a horrible beating this year and lost as much $6.2trillion.
Asian stock markets were trading lower with the Shanghai Composite down over 1.5% and the Shenzhen Component shed 0.64%. Hong Kong’s Hang Seng index also dipped 2.19%, the Nikkei225 index slipped 0.71% while South Korea’s Kospi marginally up. Also, shares in Australia dipped, with the S&P/ASX 200 shedding 0.34%.

On the economic data front, China’s trade figures for July are set to be released on Friday. Investors were also awaiting a US report on jobs later Friday.

Meanwhile, shares of Tencent slumped after the media reports said that the US President Donald Trump issued an executive order that appeared to ban US companies from doing business with the maker of WeChat after September 20.

Overnight on Wall Street, the Dow Jones Industrial Average closed 185.46 points higher, or 0.7%, at 27,386.98. The S&P 500 rose 0.6% to end its trading day at 3,349.16 while the Nasdaq Composite advanced 1% to close at 11,108.07.

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