Asian equities are falling back on headlines that the US’ White House administration is seeking to bump planned tariffs on China to a higher rate, sending broader markets back on concerns over trade wars. However, what can traders hope for? Find the answer in today’s 2 August Shanghai Composite Index Fundamental Outlook.
2 August, GKFX – US President Donald Trump and his treasury department are seeking to lift tariffs targeting $200 billion in Chinese goods from 10% to 25%, a move that would significantly ramp-up trade war fallout in both the US and Chinese economies.
Broader Asia-session stocks are largely flat for the day
Japan’s leading Nikkei 225 index is flat for the day, sitting at -0.03% while the Tokyo Topix index is similarly steady at 0.16% for Thursday, while Australia’s ASX 200 sits at -0.07% and MSCI’s broad Asia-Pacific index excluding Japan is in the green by 0.23%.
Chinese stock indexes are falling once again on trade headlines, with Hong Kong’s Hang Seng index down -0.85% for today and Shanghai’s CSI 300 in the red by a full 2%.
2 August Shanghai Composite Index Fundamental Outlook
Shanghai’s Composite 300 index is approaching the 2,800.00 level in free-fall as trade headlines rip the bourse off of a recent swing high into 2,920.00.
Trade angst amongst Asian session traders continue to punish the major mainland China index, which fell into a 2018 low of 2,690.00 in early July.
A bullish recovery has been slow to develop, and bullish traders will be hoping for the current slide lower to find a floor above the last swing low at 2,750.00.
This article 2 August Shanghai Composite Index Fundamental Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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