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Home / Business / Asian stocks record losses after China celebrates "successful" trading talks

Asian stocks record losses after China celebrates "successful" trading talks



Asian equities fell on Wednesday after a brutal session on Wall Street, but optimism regarding the trade front, according to comments by the Chinese government, helped contain the losses.

On Tuesday, the Dow Jones Industrial Average

DJIA, -3.10%

dropped nearly 800 points. The yield on the ten-year benchmark of the US benchmark fell to its lowest level in three months, signaling that the bond market is worried about long-term economic growth. The sell-off resulted in a recent rally on Wall Street.

The market gained on Monday after the Trump administration announced that the US and China had agreed to a temporary ceasefire in a trade dispute. However, there was confusion about what was agreed. Stocks jumped last week as the Federal Reserve chairman said the central bank could slow down the pace of interest rate hikes.

A new comment from the trade front from China seemed to limit the sale. A spokesperson for the Chinese Ministry of Commerce issued a statement Wednesday that he said he would "implement immediately" the measures agreed with the US, recognizing the 90-day trade talks timetable that US President Donald Trump pointed out on Tuesday.

Hong Kong's Hang Seng Index

HSI, -1

.62%

closed 1.6%, with tech stocks under pressure – Tencent

0700, -2.25%

2.3% less and smartphone component companies AAC

2018, -3.70%

and Sunny Optical

2382, -7.27%

by 3.7% and 7.3%, respectively. Banks also fell with HSBC

0005, -2.64%

down 2% and the China Construction Bank

0939, -1.32%

by 2.7%. In the Chinese mainland the Shanghai Composite

SHCOMP, -0.61%

ended up 0.6%, while the Shenzhen Composite with a smaller company size

399106, -0.48%

ended with an increase of 0.2%.

Japan's Nikkei

NIK, -0.53%

closed 0.5% lower, with financials hit poorly – insurer Dai-Ichi Life

8750, -3.16%

and Nomura

8604, -3.28%

each fell by 3%. Robotics manufacturer Fanuc

6954, -3.42%

fell more than 3%.

South Korea's Kospi

SEU, -0.62%

sank by 0.7% with Samsung

005930, -1,66%

decreased by 1.7%. Benchmarks in Taiwan

Y9999, -1.65%

and Singapore

STI, -0.37%

fell 1.7% and 0.5%, respectively.

The Australian S & P ASX 200

XJO, -0.78%

fell 0.8% after GDP data for the third quarter fell short of expectations. Bank shares had another hit with Westpac

WBC, -1.16%

Commonwealth Bank

CBA, -1.13%

and ANZ Banking Group

ANZ, -0.72%

all dropped more than 1%. New Zealand's benchmark

NZ50GR, -0.95%

closed almost 1% lower.

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