· Stocks fell on Tuesday, the first trading day of the week, as weak data out of China and lower global growth estimates from the International Monetary Fund renewed fears of the global economy slowing down.
The Dow Jones Industrial Average dropped 301.87 points to 24,404.48, led by losses in Goldman Sachs and Caterpillar. The S&P 500 pulled back 1.4 percent to 2,632.90 as the communications services and industrials sectors lagged. The Nasdaq Composite declined 1.9 percent to close at 7,020.36. The major indexes also closed lower for the first time in five sessions. U.S. markets were closed on Monday due to the Martin Luther King Jr. Day holiday.
· Stocks in Asia slipped in Wednesday morning trade on the back of concerns over the state of ongoing U.S.-China trade negotiations, amid reports that the White House had canceled a trade planning meeting with Beijing this week.
Japan’s Nikkei 225 slipped 0.42 percent while the Topix index declined 0.54 percent in early trade. Shares of Apple supplier Japan Display bucked the trend to surge 10 percent, before giving up some gains. The stock movements followed reports the company is looking for a bailout after disappointing sales of the iPhone XR. Japan Display supplies the liquid crystal display screens used in the iPhone XR.
The Bank of Japan is scheduled to issue its statement on monetary policy later today, with interest rates expected to be left unchanged.
Meanwhile, South Korea’s Kospi declined 0.29 percent.
The ASX 200 slipped 0.18 percent in morning trade as the major sectors traded mixed. The energy sector declined by about 1.3 percent as oil stocks mostly fell on the back of Tuesday’s drop in crude prices. Santos dropped 1.74 percent, Oil Search declined 1.52 percent and Woodside Petroleum fell 0.86 percent.
· A surge in the baht is adding to the challenges facing Thailand’s trade-dependent economy this year as exports decline.
The baht’s climb of about 5 percent against the dollar in the past six months is the strongest in the world, according to data compiled by Bloomberg. Exports are already suffering from the U.S.-China trade war and fell in December for the second straight month, Commerce Ministry figures showed Monday.
Reference: CNBC, Bloomberg
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