Global Market Report - September 18

Chinese stock markets rebounded on Tuesday amid relief that President Trump's latest $200 billion trade tariffs on China goods were not harsher

James Gard 18 September, 2018 | 10:58AM

Global Market Report

Asia

Chinese stock markets broke their recent losing streak with a strong rebound on the same day that President Trump signed off on imposing a 10% tariff of $200 billion of Chinese goods from next week. A mixture of factors may have been at work in the 2% rise in China’s Shanghai Composite and CSI 200 indices, including a relief rally that the tariff was not larger, and that shares have perhaps been oversold in anticipation of these trade moves from the United States.

Former Templeton Emerging Markets fund manager Carlos Hardenberg said yesterday, as he launched a new fund with Mark Mobius, that emerging markets are at multi-year lows and “a huge degree of pessimism” is already priced into markets.

Nevertheless, the next few months are expected to herald ongoing tit-for-tat moves by the US and China, with little diplomatic progress in sight as yet. The Shanghai index has so far struggled to hold above the 2,700 level in recent weeks and closed just below this today.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
General Mills Inc59.52 USD-2.62
Ocado Group PLC2,313.00 GBX0.04
Oracle Corp55.59 USD-2.61

About Author

James Gard  is content editor for Morningstar.co.uk

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