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16-Aug2018

Asian markets trade lower on Turkey's financial crisis

All the Asian markets are trading in red in early deals on Thursday following the negative cues from Wall Street amid worries about Turkey's financial crisis and an economic showdown in China. Japanese Nikkei edged lower on weak commodity prices and a stronger yen. Sentiments also remained dampened after the Ministry of Finance said that Japan posted a merchandise trade deficit of 231.2 billion yen in July. That was shy of expectations for a shortfall of 41.2 billion yen following the downwardly revised 720.8 billion yen surplus in June. However, the regional markets have pared steep losses after China said it has accepted an invitation from the U.S. for a new round of trade talks to be held in late August. China's Ministry of Commerce said that a Chinese delegation led by vice commerce minister Wang Shouwen will travel to the U.S. in late August for trade talks to be held with U.S. Under Secretary of Treasury for International Affairs David Malpass.

Nikkei 225 decreased 71.86 points or 0.32% to 22,132.36, Taiwan Weighted shed 35.78 points or 0.33% to 10,680.97, Straits Times declined 15.75 points or 0.49% to 3,218.37, Jakarta Composite slipped 13.18 points or 0.23% to 5,803.41, Hang Seng dropped 213.18 points or 0.79% to 27,110.41, KOSPI fell 21.84 points or 0.98% to 2,237.07 and Shanghai Composite down by 24.62 points or 0.91% to 2,698.64.


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