JAL and China Eastern to Apply for Joint Business Agreement

Kenny Grant
August 5, 2018

In Hong Kong, the Hang Seng gave back 38.24 points, or 0.1%, to 27,676.32, with the materials, consumer goods and services sectors falling by more than 2% before the market close.

After yesterday' drop, Chinese equities were worth US$ 6.09 trillion, compared with Japan's US$ 6.17 trillion.

This is unedited, unformatted feed from the Press Trust of India wire.

Chinese stocks have fared badly this year, with the Shanghai Composite having fallen by 17 per cent in 2018, and being ranked the worst performer in the world.

China and the US have been engaged in a tit-for-tat trade war since the spring, and this is pressuring Chinese stocks as well as the country's currency. The US market by comparison is worth $31 trillion and as of Thursday $1 trillion of that belonged to Apple alone.

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"Losing the ranking to Japan is the damage caused by the trade war", Banny Lam, head of research at CEB International Investment in Hong Kong, told Bloomberg News. Industrial and tech stocks have been among China's worst performers, with those sub-gauges on the CSI 300 index of large caps sliding more than 20% this year.

China's Politburo, a body comprised of the Chinese Communist Party's 25 most senior leaders, on Tuesday signaled that policymakers would focus more on supporting economic growth amid risks from the deleveraging campaign and the trade standoff. However, this did not seem to have an effect as the Shanghai Composite Index suffered its worst week since early February.

"There is a chance the stock market will recover and regain the second spot as the fundamentals are still stable and the growth momentum will revive", Yip said. Meanwhile, Japan's benchmark Nikkei 225 drifted higher by 0.04 percent.

Nearly 60 percent of firms on the gauge that have reported in the current earnings season have beat analysts' expectations.

15 June the United States government announced the introduction of a 25 percent duty on Chinese goods for a total amount of $ 50 billion. the Decision was made "in light of the theft by China of intellectual property and technology, as well as other unfair trade practices", reads the statement by President Donald trump.

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