AFP, Hong Kong :
Asian markets fell Friday as trade tensions and geopolitical worries kept investors from tracking a rebound on Wall Street, with observers warning of further volatility to come.
The losses came at the end of a punishing week that witnessed steep losses across the board, with several indexes wiping out their year’s gains as the tech and energy sectors took a beating.
New York’s three main indexes provided some solace by posting healthy gains thanks to some upbeat earnings but they are still down from last Friday’s close with a feeling the bottom has not been found yet.
But analysts said there is a concern that even US markets have succumbed to the hefty selling pressure, having managed to ride out much of the volatility this year thanks to the strengthening domestic economy.
Dealers there are now feeling the pinch from the China-US trade row and rising interest rates.
“Unlike the previous sell-off in 2018 that tended to hit a sector or two at a time, the breadth of the latest rout (is) much more pronounced as it is heavyweight champions of the US markets that are leading the way,” said Stephen Innes, head of Asia-Pacific trade at OANDA.
Asian markets fell Friday as trade tensions and geopolitical worries kept investors from tracking a rebound on Wall Street, with observers warning of further volatility to come.
The losses came at the end of a punishing week that witnessed steep losses across the board, with several indexes wiping out their year’s gains as the tech and energy sectors took a beating.
New York’s three main indexes provided some solace by posting healthy gains thanks to some upbeat earnings but they are still down from last Friday’s close with a feeling the bottom has not been found yet.
But analysts said there is a concern that even US markets have succumbed to the hefty selling pressure, having managed to ride out much of the volatility this year thanks to the strengthening domestic economy.
Dealers there are now feeling the pinch from the China-US trade row and rising interest rates.
“Unlike the previous sell-off in 2018 that tended to hit a sector or two at a time, the breadth of the latest rout (is) much more pronounced as it is heavyweight champions of the US markets that are leading the way,” said Stephen Innes, head of Asia-Pacific trade at OANDA.
