Markets in Asia sluggish amid trade war fears; Thanksgiving holiday

on Nov 28, 2019
  • Asian stocks fail to cheer the previous upbeat US data, Wall Street gains.
  • Losses due to the trade pessimism guarded on Thanksgiving holiday in the US.
  • The absence of significant data adds to the market's inaction.

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Chinese and Hong Kong diplomats’ harsh statements should have dragged the Asian markets down, but the European session ahead on Thursday limited the losses.

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The reasons include; Thanksgiving Day in the US, absence of significant data, and the previous positive catalysts.

The US turned a Bill into the Act that now gives the State Department the power to review Hong Kong’s special trade status and could lead to harsh sanctions on Huma Rights violators.

As expected, media and policymakers from China flashed red signals to the US. The Hong Kong government also reiterated that the new law was unwarranted.

Markets in Asia fail to cheer the previous upbeat US data, Wall Street gains

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On the contrary, the US data turned down pessimism surrounding the world’s largest economy and favored Wall Street the previous day.

 Also, it supported the lack of action is the absence of significant data and market players.

With this, the MSCI’s index of Asia-Pacific shares marks nearly 0.20% as a loss. Japan’s NIKKEI also followed suit with almost the same figures in red. 

Mixed data from New Zealand and Australia couldn’t deny calls of further rate cuts from their central banks. But markets in India seem to cheer government measures and the recent pullback in the oil prices.

Today’s calendar is less likely to excite traders as Swiss GDP and Germany inflation data are the only major data standing there.

However, comments from ECB policymakers could still be followed for intermediate moves.

Asia Stock Market World