Global Market Report - December 21

World markets remain under pressure as a torrid year begins to draw to a close

James Gard 21 December, 2018 | 10:45AM

Global Market Report

Asia

China’s stock markets have had a grim year and are some of the worst performing in the world in 2018. The early move by the Shanghai Composite Index above 3,500 points was shortlived and it never really recovered from the February sell-off. Once the index dropped below 3,000 points and the trade war got into its stride, continued weakness started to look inevitable. Even the 90-day trade truce agreed around the time of the G20 summit failed to provide much support to the index, which is now around a quarter lower than the start of the year.

Still, market expectations for 2019 are for a revaluation of emerging market shares as the dollar loses ground. China is also expected to cut taxes sharply and ease monetary policy as policymakers look to keep the economy on an even keel.

Hong Kong has been highly exposed this year for multiple reasons: the Hang Seng’s tech bias, exposure to a bearish China and the global sell-off in developed equity markets. Having hit a record high this year above 33,000 points, the Hang Seng is now around 25,000 points. Hong Kong markets are closed on Tuesday and Wednesday.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
ASOS PLC1,060.00 GBX-8.66
Deutsche Bank AG5.43 EUR0.00
Next PLC3,390.00 GBP0.00

About Author

James Gard  is content editor for Morningstar.co.uk

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