Global Market Report - February 28

World markets are weaker again today on worse-than-expected Chinese data, an abrupt end to the US-North Korea summit and ongoing tension in South Asia

James Gard 28 February, 2019 | 11:04AM

Global Market Report

Asia

News that the US and North Korea failed to reach agreement in this week’s summit has dampened the spirits of Asia investors, and that has added to the list of geopolitical worries that includes the India-Pakistan conflict. Weaker than expected manufacturing and non-manufacturing data from China was added to the mix on the penultimate trading day of a week which started with a near 6% rise in China stocks. China’s manufacturing sector is still contracting, the purchasing managers’ index for February shows.

Nevertheless, China’s Shanghai Composite Index dipped just 12 points to 2,940 points, a loss of less than 0.5% on the day. Hong Kong’s Hang Seng was off by a similar amount in percentage terms.

Japan’s jobless rate and Tokyo consumer price index is due on Friday morning local time. The Nikkei lost less than 1% on the day to 21,385 points. The Japanese yen moved higher as investors sought out safe havens, and that had its usual downwards impact on domestic stocks.

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James Gard  is content editor for Morningstar.co.uk

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