Market Commentary - Foreign Markets
Chinese markets end largely unchanged As on : 26-Nov-24  16:31

Asian stocks fell broadly on Tuesday after U.S. President-elect Donald Trump said he plans to impose 25 percent tariffs on Mexico and Canada and an additional 10 percent on China on his first day in office, ramping up fears of a renewed trade war.

Neither the United States nor China would win a trade war, the Chinese Embassy in Washington said.

The dollar rallied on Trump's tariff threat and ahead of the release of Federal Reserve's preferred measure of inflation, the personal consumption expenditures (PCE) price index, due on Wednesday.

Gold was little changed around $2,625 per ounce levels while oil edged up after a sharp decline in the previous session as Israel said that it had edged closer to a ceasefire agreement with Hezbollah.

Chinese and Hong Kong markets ended largely unchanged amid expectations that Chinese fiscal stimulus will help counter the impact of the tariffs.

China is set to hold two top political meetings in December, where authorities could ramp up stimulus.

China's Shanghai Composite index slipped 0.12 percent to 3,259.76 and Hong Kong's Hang Seng index finished marginally higher at 19,159.20 ahead of Chinese industrial profit data and purchasing managers index numbers due this week.

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