Asian Market Tumbled as China’s Economic Data Weakened

Asian Market Tumbled as China’s Economic Data Weakened

On Wednesday, the Asian market tumbled as China’s downbeat economic data spilled worries on global growth. 

MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.78% or 5.11 points to $653.99 per share. 

In China, the Shenzhen Component index plunged 0.61% or 89.77 points to $14,536.31 per share. 

The Shanghai Composite index tumbled 0.17% or 6.38 points to $3,656.22 per share.

Also, Chinese blue-chips on the CSI 300 index dropped 1.01% or 49.84 points to $4,867.32 per share.

Then, China Evergrande Group plummeted 5.72% or 0.17 points to $2.80 per share, underlining the widening hit of a liquidity crisis.

In Hong Kong, the Hang Seng index shed 1.74% or 442.93 points to $25,059.30 per share. 

On the Tokyo Stock Exchange, the Nikkei 225 index fell 0.52% or 158.39 points to $30,511.71 per share.

The broader TOPIX index plummeted 1.06% or 22.48 points to 2,096.39 per share. 

South Korea’s KOSPI index slightly rose 0.15% or 4.57 points to $3,153.40 per share.

Meanwhile, Australia’s S&P/ASX 200 index declined 0.27% or 20.30 points to $7,417.00 per share. 

Accordingly, the Asian market fell as Chinese August retail sales sharply declined 2.50% from the previous 8.50%.

The retail sales data also came in lower than the forecasted figure of 7.00%.

Moreover, the August industrial production edged down to 5.30% from 6.40%, far from the expected data of 5.80%. 

The downbeat economic data reinforced concerns as new coronavirus outbreaks disrupt business activities. 

DJIA Plunged as US Stocks Traded Lower

Furthermore, the DJIA index plunged as the US stocks traded lower.

The Dow Jones Industrial Average index fell 0.84% or 292.06 points to $34,577.57 per share. 

Likewise, the S&P 500 index plummeted 0.57% or 25.68 points or $4,443.05 per share. 

Also, the Nasdaq 100 index shed 0.33% or 51.60 points to $15,382.90 per share. 

Moreover, Apple Inc. dropped 0.96% or 1.43 points to $148.12 per share after its product launch yesterday.

Then,, Inc. also stumbled 0.21% to 7.17 points to $3,450.00 per share. 

Consequently, Netflix Inc. edged down 1.96% or 11.53 points to $577.76 per share. 

In addition, Zoom Video Communications Inc. tumbled 3.03% or 8.80 points to $281.44 per share.