(13 November 2020)DAILY MARKET BRIEF 2:China’s Shanghai Composite is down
14 November 2020, 00:57
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At the time of writing, China’s Shanghai Composite is down 1.32%, and the Shenzhen Component has lost 0.88%. Sino-US tensions were in the spotlight again after President Trump signed an executive order banning US investment in Chinese firms controlled or planning to be owned by the Chinese military.
Meanwhile, China is about to sign the Regional Comprehensive Economic Partnership (RCEP) free trade agreement along with 14 other Asia-Pacific countries. The document will be signed on Sunday, the final day of the 37th ASEAN Summit.
Interestingly, the Wall Street Journal reported that Chinese President Xi Jinping personally decided to halt Ant Group’s $37-billion IPO, citing Chinese officials familiar with the matter. Ant’s dual listing would have become the largest IPO ever. Chinese regulator’s decision came days after founder Jack Ma publicly criticized the country’s banks and financial regulators.
Japan’s Nikkei 225 closed 0.59% after recovering some losses. South Korea’s KOSPI is up 0.72%.
Hong Kong’s Hang Seng Index is down 0.43%. The city reported 23 coronavirus cases on Thursday, the most since the end of September, sparking fears of a fourth wave. Meanwhile, kindergartens were closed for two weeks due to about 180 cases of respiratory infections.
In Australia, the ASX 200 closed 0.20% lower. The tensions between Australia and China worsened after China blamed Australia for “violating basic norms governing international relations” and making “erroneous words and deeds on issues concerning China’s core interests, including those related to Hong Kong, Xinjiang and Taiwan.” Also, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin added that Australia had “blatantly interfered in China’s internal affairs.”
By Strategy Desk
Meanwhile, China is about to sign the Regional Comprehensive Economic Partnership (RCEP) free trade agreement along with 14 other Asia-Pacific countries. The document will be signed on Sunday, the final day of the 37th ASEAN Summit.
Interestingly, the Wall Street Journal reported that Chinese President Xi Jinping personally decided to halt Ant Group’s $37-billion IPO, citing Chinese officials familiar with the matter. Ant’s dual listing would have become the largest IPO ever. Chinese regulator’s decision came days after founder Jack Ma publicly criticized the country’s banks and financial regulators.
Japan’s Nikkei 225 closed 0.59% after recovering some losses. South Korea’s KOSPI is up 0.72%.
Hong Kong’s Hang Seng Index is down 0.43%. The city reported 23 coronavirus cases on Thursday, the most since the end of September, sparking fears of a fourth wave. Meanwhile, kindergartens were closed for two weeks due to about 180 cases of respiratory infections.
In Australia, the ASX 200 closed 0.20% lower. The tensions between Australia and China worsened after China blamed Australia for “violating basic norms governing international relations” and making “erroneous words and deeds on issues concerning China’s core interests, including those related to Hong Kong, Xinjiang and Taiwan.” Also, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin added that Australia had “blatantly interfered in China’s internal affairs.”
By Strategy Desk
