- Asian markets traded low on Tuesday due to continual trade tensions between the U.S. and China
- Mainland China, Hong Kong, South Korea, and Japan indexes plunged
- Australia’s ASX 200 also fell due to continued concerns pertaining to trade talks and China, its biggest trade partner
Asian markets traded on a low note on Tuesday as investors keep a keen eye on the US Federal Reserve meeting which is scheduled to take place later in the day, reports CNBC, March 19, 2019.
Asian Markets Largely Close Lower
Shares in Mainland China traded mixed throughout the day, with the Shanghai Composite falling 0.18 percent to 3,090.98, while the Shenzhen Component traded flat at 9,839.74. The Shenzhen Composite, however, witnessed a slight surge as it climbed 0.176 percent to finish the day at 1,688.76.
Hong Kong’s Hang Seng index surged about 0.1 percent during the dying hours of trading. Shares of banking behemoth HSBC posted gains to the tune of 0.2 percent.
Crossing seas, Japan’s Nikkei 225 recorded a slight loss today as it finished the day’s business at 21,566.85 despite the fact that some of the market juggernauts like Fast Retailing, Softbank Group, and Fanuc made gains. The Topix, too, plunged 0.21 percent to finish at 1,610.23.
South Korea’s Kospi index tumbled to 2,177.62.
Market Performance in Australia
Australia’s ASX 200 mirrored the market movement of the Asian economies as it closed slightly lower at 6,184.80.
As to the cause for such tepid market sentiment, it won’t be far-fetched to state that the Reserve Bank of Australia’s March policy meeting had a role in it. The minutes of the meeting suggest that trade tensions “remained a continued source of uncertainty for the global outlook.”
The minutes stated:
“The delay in tariff increases previously scheduled for 1 March had generated some optimism that tensions could ease. However, the increases in tariffs implemented in 2018 had continued to weigh on trade between the United States and China, and there had been spillover effects on some other economies.”
Per the latest data from Australia’s Department of Foreign Affairs and Trade, China is the island nation’s largest trading partner.
