On Friday U.S. stocks extended losses with tech and energy shares leading the way lower in afternoon trade, as the spread of the COVID-19 epidemic from China to neighboring countries amplified worries about the impact on supply chains and global economic growth.
On Wednesday United States President Donald Trump dangled the prospect of walking away from a new trade deal with China if it’s not to his liking, just as he cut short his summit with North Korea’s Kim Jong Un when the two sides failed to reach an agreement.
Asian shares were broadly lower on Friday, tracking a weak Wall Street session as traders awaited the conclusion of U.S.-China talks in Beijing. Japan’s benchmark Nikkei 225 retreated 1.2% and the Kospi in South Korea tumbled 1.6%. Hong Kong’s Hang Seng gave up 1.5% while the Shanghai Composite was 0.6% lower.
According to a new report on Tuesday, the President of United States Donald Trump will not agree to any new trade deal unless China agrees to make substantive changes to the way it does business.
On Monday U.S. stock futures fell in a shortened session, as the weakest Chinese growth data in three decades weighed on investors. On Monday in honor of Martin Luther King Jr. Day. regular trading for U.S. markets will be closed, Markets will resume the week on Tuesday.
In Asia, markets were following suit on Thursday, with Japan’s Nikkei 225 up more than 3% in early trade. It contrasts strongly with the run-up to Christmas when stocks suffered their worst weekly falls in a decade.
Alibaba’s Jack Ma is a pretty good capitalist, especially for a communist. China’s state-backed media revealed Monday that the Alibaba Group founder and chairman is officially a member of the Communist Party.