(05 DECEMBER 2018)DAILY MARKET BRIEF 1:Asia swoons on trade crunch
5 December 2018, 13:18
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Asian equities tumbled, partially erasing gains from Monday’s euphoria over what seemed to be a trade truce between China and the USA. Hardest hit is the Hong Kong Hang Seng index, -1.62%, while Australian ASX 200 and South Korean Kospi declined by 0.78% and 0.62%. Japanese Nikkei 225 closed in a slight drop of 0.53% due to a relatively stable Yen. European shares are red across the board, led by UK’s FTSE 100 and the French CAC 40. This followed a meltdown in the US yesterday, with the Dow Jones Industrial Average down -3.10%, S&P 500 off 3.24% and Nasdaq sliding 3.80%. Investors are switching towards US treasuries, with 30-year, 10-year and 2-year treasury yields down 2.48%, 1.89%, 0.93%. EUR/USD remains in neutral territory, trading at 1.1343 and approaching 1.1315 short-term.
By Vincent Mivelaz
