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The News God > Blog > Business & Finance > Latest News: Asian shares slide on weak Japan data; Hang Seng drops 2% – MarketWatch
Business & Finance

Latest News: Asian shares slide on weak Japan data; Hang Seng drops 2% – MarketWatch

Sampson Gaddah
Last updated: November 29, 2019 11:23 am
Sampson Gaddah
November 29, 2019
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3 Min Read
Latest News: Asian shares slide on weak Japan data; Hang Seng drops 2% – MarketWatch
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Latest News:

BEIJING (AP) — Shares extended losses in Asia on Friday after Japan and South Korea reported weak manufacturing data that suggest a worsening toll from trade tensions.

U.S. markets were closed for the Thanksgiving holiday and will have a half-day session on Friday.

Japan’s Nikkei 225 index

NIK, -0.49%

lost 0.5%, while the Hang Seng

HSI, -2.03%

in Hong Kong gave up 2%. The Shanghai Composite index

SHCOMP, -0.61%

shed 0.7%, but Australia’s S&P ASX 200

XJO, -0.26%

slipped 0.2%. South Korea’s Kospi

180721, -1.45%

slipped 0.1%. Shares fell in Taiwan and Southeast Asia.

Japan reported Friday that its factory output fell 4.2% in October, much worse than forecast and the biggest month-on-month drop since January 2018. The decline could mean industrial production will decline by 4% in the October-December quarter from the previous quarter, Tom Learmouth of Capital Economics said in a commentary.

He noted that forecasts by manufacturers do not suggest output is likely to rebound soon.

Neighboring South Korea reported its industrial output declined 1.7% in October.

“It suggests the U.S.-China trade dispute continues taking its toll on Asian economies, despite signs of some green shoots,” Jeffrey Halley of OANDA said in a report.

Stock markets fell Thursday in Europe and Asia after President Donald Trump signed a bill supporting human rights in Hong Kong, potentially increasing tensions as the U.S. and China talk about ending their trade war.

Overnight in Europe, Britain’s FTSE 100

UKX, -0.15%

declined 0.4% to 7,402 and the CAC 40

PX1, +0.02%

in Paris gave up 0.3% to 5,908. Germany’s DAX

DAX, -0.19%

declined 0.4% to 13,235.

U.S. futures were lower, with the contracts for both the Dow Jones Industrial Average

YM00, -0.21%

and the S&P 500

ES00, -0.22%

losing 0.3%.

New tariffs are set to kick in on many Chinese-made products as of Dec. 15 and negotiators have said they might soon have a preliminary deal that could avert that move.

Beijing reacted with fury to Trump’s announcement that he was signing the Hong Kong human rights bill. But the legislation got nearly unanimous approval by both houses of Congress and his decision was not unexpected.

After its initial reaction, the Chinese government did not say what specific countermeasures it might take. It has stayed silent on the issue of whether the U.S. move, viewed as meddling in internal Chinese affairs, might derail the trade talks.

In energy trading, Brent crude oil, the international standard, gained 26 cents to $63.27 per barrel.

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