Asian Stocks Declines
Asian stocks opened for the first trading session this week on red as growing concern over tensions between Washington and Beijing followed the call by Chinese Foreign Minister Terje Pranstad to protest the arrest of Huawei Technologies’ chief financial officer in Canada, Which it accuses of breaking its economic sanctions on Tehran.
In contrast, the Chinese economy followed the reading of the trade balance index, which showed a surplus of 306 billion yuan, or 44.7 billion yuan, compared to 234 billion yuan, or 34.0 billion dollars in October, The surplus shrank to 227 billion yuan, or $ 36.2 billion, as import growth slowed slower than last month’s export growth.
Chinese economy to reveal inflation data with the release of the annual consumer price index, which showed a slowdown in growth to 2.2% compared to 2.5% the previous annual reading for the month of October, below expectations of 2.4%, and the annual reading of the PPI slowdown Growth to 2.7% compared to 3.3% in the previous annual reading, also below expectations at 2.8%.
This came before the Japanese economy saw the seasonally adjusted GDP GDP rise, which showed a contraction of 0.6% compared to the previous third quarter reading, which showed a contraction of 0.3% and 0.7% growth in the previous quarter, worse than expected. Indicated a contraction of 0.5%.
The seasonally adjusted annual GDP reading of the world’s third-largest economy also showed contraction to 2.5% compared to the previous third quarter preliminary reading, which showed a 1.2% contraction versus 3.0% annualized growth in the second quarter, also worse than expected To a contraction of 2.0%.
In the same context, the annualized reading of GDP showed a stable contraction of 0.3%, unchanged from the previous preliminary reading of the third quarter, in line with expectations, and against 1.0% growth in the second quarter. This coincided with the release of the current account which showed The spread narrowed to 1.21 trillion yen from 1.33 trillion yen in September, worse than the 1.29 trillion yen forecast.
Japan’s Nikkei 225 index fell 2.25%, shedding 487.45 points and reaching a record high of 2.87%. The Nikkei 225 index fell 2.25% to reach the level of 1,587.87. 21,191.23.
Chinese equity indexes also fell by 1%, with the CSI 300 index shedding 1.03% to 32.67 points and reaching 3,148.89. The Shanghai index also fell 0.76% to lose 19.78 points and reach 2,586.11.