HK, Shanghai Fall Heavily On Chinese Data

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2019-03-08 HKT 16:41

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  • A huge drop in Chinese exports and imports spooked investors. File photo: RTHK

    A huge drop in Chinese exports and imports spooked investors. File photo: RTHK

Hong Kong and Shanghai stocks ended the week with sharp losses on Friday as fears over the global economy were fanned by a European Central Bank growth forecast downgrade and data showing Chinese trade fell off a cliff last month.

The Hang Seng Index in Hong Kong sank 1.9 percent, to 28,228.

On the mainland, the Shanghai Composite Index lost 4.4 percent, to 2,969 while the Shenzhen Composite Index tumbled 3.8 percent, to 1,605.

Tokyo ended 2 percent lower. Sydney sank 1 percent and Singapore 0.9 percent, with Seoul 1.3 percent off and Taipei 0.7 percent down.

European Central Bank's decision to slash its growth and data showing Chinese exports and imports plunged 20 percent in February added to the selling pressure across the region.

"All these different variables are beginning to come together to paint a more dismal outlook for global growth," Lindsey Piegza, chief economist at Stifel Nicolaus & Co, told Bloomberg TV.

ECB comments sent the euro into a tailspin to hit a near two-year low against the US dollar.

The single currency was unable to claw back any of Thursday's losses during early Asian business, and the rush to safe investments by traders kept riskier, higher-yielding units beaten down.

Focus is now on the release later on Friday of US employment data, which will provide a fresh snapshot of the world's biggest economy, though expectations took a hit this week with figures showing moderating private-sector job growth. (AFP)

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