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Asian Stock Market: Trades lower, investors worry about US rate hike, China’s economic woes

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Asian stock markets trade lower on Friday. A stronger-than-expected US unemployment claims on Thursday indicated a robust labor market, which triggere

d some follow-through selling on Wall Street. Investors are concerned about the odds of another interest rate rise by the Federal Reserve and China’s economic woes.

Evergrande, China’s second-largest real estate company filed for bankruptcy in a US court under Chapter 15 on Thursday. This report fuels the fear of a potential Chinese property catastrophe. Earlier this week, the Chinese House Price Index for July decreased to -0.1% from 0% prior. Furthermore, Fitch Ratings might reconsider China's A+ sovereign credit rating in the face of intensifying economic headwinds. for July YoY came in at 3.3% against the market expectation of 2.5%.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

 

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