Asian stocks went down in the footsteps of Wall Street

The stock indexes of Asia – Pacific simultaneously declined in the morning session of October 27 after the plunging session of Wall Street last night.

China’s Shanghai Composite and Shenzhen Component both declined in the morning session of October 27. Photo: AFP

Mainland Chinese stocks this morning were tinged with red at the beginning of the session, regardless of the profit of Chinese industrial enterprises in September soared 10.1% year-on-year, according to China National Bureau of Statistics National. Specifically, the Shanghai Composite Index fell 0.1% while the Shenzhen Component Index slipped slightly.

On the Hong Kong market, shares of Alibaba in Hong Kong this morning also fell into the sights of many investors after falling 0.47% in trading this morning. This move comes after Ant Group, Alibaba’s affiliate, announced the expected IPO share price on October 26. Ant Group is implementing the double listing deal in Hong Kong and Shanghai markets. This is the largest deal in history.

Meanwhile, shares of HSBC listed in Hong Kong increased by 1.4% before the bank announced its profit in the third quarter of 2020.

In Japan, the Nikkei 225 index lost 0.88% at the opening while the Topix index slid further with 1.21%. South Korea’s Kospi fell 0.5% after the country’s real GDP in the third quarter of 2020 rose 1.9% from the previous quarter, according to South Korea’s Central Bank estimates.

Red also spread on the Australian stock market, with the S & P / ASX 200 index slipping the deepest in the region with a drop of 1.3%. The MSCI Asia-Pacific Index (excluding Japan) fell 0.28%.

Investor sentiment in Asia-Pacific was strongly influenced by Wall Street’s long slide last night as hopes of the White House and Democrats reaching an agreement on the economic stimulus package on the threshold of the presidential election is increasingly fragile.

The Dow Jones industrial average last night “evaporated” 650.19 points, or 2.3%, and closed with 27,685.38 points. The S&P 500 index slid 1.9 percent to close the day at 3,400.97 while the tech-oriented Nasdaq Composite index slid 1.6 percent to 11,358.94 points.

On the currency markets, the US dollar index against other major currencies slipped from 93.2 to 93,069, while the Japanese Yen inched up and converted 104.74 JPY / USD compared to 105 JPY / USD set yesterday. By contrast, the Australian dollar weakened and turned 1 AUD / 0.7119 USD, from 1 AUD / 0.713 USD in the previous trading session.

This morning oil prices on the Asian market reversed. Futures Brent crude oil futures edged up 0.17% to $ 40.53 / barrel while the US crude futures price also increased by 0.18% to $ 38.63 / barrel.

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