Asia Markets still in Turmoil While US-China Schedules for Trade Talk in January
Asia markets were in turmoil in the Wednesday morning session after a huge slump on Tuesday. The Market was hoping that the news of a new trade talk between US-China would help support the market to not plunge any further.
It was a bloody trading day on Tuesday for Asia markets that caused SET Index to plunge 18.29 points to a year low at 1,583.19 points. Over the night, oil prices plunged about 7% to a more than 15-month low as the US and Russia continue to pump at record levels even as analysts warn that signs of faltering demand are emerging.
While in a turmoil situation, Asia markets were mixed in the morning session on Wednesday. Luckily, the markets were buoyed by the news of a possible trade talk between the US and China in January for a broader truce, according to Treasury Secretary Steven Mnuchin. He also said that the two sides had held several phone conversations in recent weeks and were still in the process of planning further formal discussions. “We’re in the process of confirming the logistics of several meetings and we’re determined to make sure that we use the time wisely, to try to resolve this,” Mnuchin said.
Meanwhile, the first day of Fed meeting still did not report the interest rate hike. The announcement is expected to be today. The hike in December may have been in the calculation of investors, but what worries them is the hike in 2019 that may causes stock markets to plunge even further.
At 9:20 in Thailand, NIKKEI edged up 0.09%, SSEC skidded 0.22%, HSI gained 0.08%, ASX 200 slipped 0.26% and KOSPI rose 0.75%
