Asian stock exchanges plummet, dragged down by Wall Street
The results of the Dow Jones the worst since May 2010; those of the Nasdaq, the worst since 2011. The most negative index was recorded by the Nikkei of Tokyo, which lost 3%. Shanghai is down 1.4; Hong Kong 1.6. Among the major causes: the slowing of the economy in China and the tariff war.
Hong Kong (AsiaNews) - Asian stock exchanges, in particular Tokyo and Shanghai, have been dragged into negative territory by the poor performance of US trade. But experts point out that in China the problems are even more serious.
Yesterday in the US, The Dow Jones Industrial fell 2.4%; the S & P 500 fell 3.1%. The Nasdaq also fell 4.4%, its worst day since 2011. For the Dow Jones it has been the worst performance since May 2010.
The Tokyo Nikkei index lost 3%. In the morning session, the Shanghai index fell 2.8%; it later recovered and remained with a minus 1.4%. Up to now, Shanghai has lost 22% over the year. The Hong Kong stock market lost 1.6%, falling to its lowest level since May 2017.
In general, investors attribute these negative results to China's economic slowdown and rising labor costs due to labor shortages.
Wang Zheng, senior representative of Jingxi Investment Management in Shanghai, points out to the SCMP that only in appearance the Chinese market is influenced by the American stock exchange. In reality "the Chinese market is also facing a lot of other problems, such as the slowdown in [its] growth and the duty war".