Asian Markets Fell In Morning Trade On Thursday
Asian Markets Fell In Morning Trade On Thursday. Australia’s ASX 200 edges down despite stronger-than-expected jobs data for March.
25,700 jobs were added on a seasonally adjusted basis in March , data showed, much higher than a forecast gain of 12,000.
South Korea’s KOSPI was down 0.6%. Samsung Electronics Co Ltd (KS:005930) slumped more than 2% amid reports that its newest flagship phone, Galaxy Fold, broke for some users after two days of uses.
Meanwhile, China’s Shanghai Composite and the Shenzhen Component were down 0.2% and 0.3% respectively. Hong Kong’s Hang Seng Index fell 0.6%.
Despite today’s losses, Chinese stocks have skyrocketed more than 30% since 2019 amid optimism about a possible trade deal with the U.S. and signs that the economy is improving.
On Wednesday, official data showed China’s economy grew more than expected in the first quarter.
A slew of recent data, including trade data, output production and retail sales, have also pointed to an improvement in the Chinese economy
Japan’s Nikkei 225 lost 0.8%. Finance Minister Taro Aso is set to travel to Washington next week to meet U.S. Treasury Secretary Steven Mnuchin, Reuters reported citing a source who has direct knowledge of the matter.
Aso and Mnuchin will discuss issues including currency manipulation that the U.S. hopes to include in a trade agreement with Japan, said the source.
The two sides kicked off a two-day meeting this week.
Looking ahead, traders focus will switch to the release of Purchasing Managers Indexes for the manufacturing and service sectors in Europe later in the day.
Some major exchanges in Asia will be closed on Friday for Easter holiday, although exchanges in Japan and China will be open.