The global markets hit their lowest this month, which caused turmoil in the Chinese economy. Due to the trade- talk that is going to be held between China and the United States, the stock market has witnessed a change in the overall stocks worldwide. The rise in the Asian stocks has put Turkey and China’s economy in a major loss.
The news, which China confirmed on last Thursday that a representative would travel to the United States for a meeting regarding stock markets with the U.S. Under Secretary of Treasury for International Affairs, David Malpass, affected markets globally, such as the value of dollar went high, rupee went low, gold prices went down, oil prices went high, and so on.
The last official talk was held in the early June in Beijing between the U.S. Commerce Secretary Wilbur Ross and Chinese Vice Premier Liu He. The next talk has been raising an uproar, which is also harming tech firms. Chinese tech firm Tencent Holdings Ltd. experienced profit after 13 years while South Korea’s Samsung Electronics went further low.
MSCI’s index of Asia-Pacific hits its lowest 0.3 percent after casting off 1.1 percent. While the Shanghai Composite Index and Hong Kong’s Hang Seng index both went 0.4 percent down, the euro emerged 0.3 with Chinese Yuan 0.4 percent. On the other hand, oil prices went high last week but closed on Wednesday on 3.2 percent loss, such as International Brent crude oil and the U.S. West Texas Intermediate both lost 2 percent.
The Indian rupee dropped down from 70.25 per dollar to 69.90/91. Gold has witnessed the same situation as it dropped 0.2 percent now and 1.2 percent earlier, witnessing its lowest since January 2017 while the analysts are expecting more fall under this category. Meanwhile Silver and platinum rose 0.1 percent and 0.8 percent respectively.