A Bloodbath in Wall Street Overnight, Dragging Market 3% Down from Yuan Manipulation!
Global stocks fell amind the new escalation of trade war after China reportedly letting its currency sink to the key 7 yuan to the dollar level.
All of the Asian major stock markets plunged in the morning session for the third day in a row, following the plummet in the Wall Street after neither the U.S. or China is willing to take a step back in the current tit for tat of the trade war.
Overnight, Dow Jones plunged 2.90%, S&P 500 slid 2.98% and Nasdaq fell 3.47% while VIX rose 39.64% amind the new escalation of trade war after China reportedly letting its currency sink to the key 7 yuan to the dollar level in retaliation of Trump’s threat of increasing import tariffs on $300 billion worth of Chinese goods by 10%.
As of 9:30 local time in Thailand in the morning session on August 6, 2019, Nikkei fell 1.97%, SSEC sank 2.13%, HSI plunged 2.39%, ASX 200 slid 2.27% and Kospi edged 1.23% lower.
Yesterday, SET closed at 1,665.99 points, plunged 18.72 points or 1.11% with a trading value of THB 48.47 billion.
Finansia Syrus Securities recommends defensive and dividend play amid this type of situation, seeing that the SET Index would lower to 1,640-1,650.
