Stocks across Asia slipped during Thursday afternoon trade, continuing a decline in markets worldwide ahead of a closely watched meeting by the Organization of the Petroleum Exporting Countries (OPEC).
Hong Kong's Hang Seng index fell 2.62 percent in the morning session, with shares of Chinese tech heavy weight Tencent falling more than 3.6 percent.
The mainland Chinese markets, in focus due to Beijing's trade dispute with Washington, also saw losses. The Shanghai compositeslipped 1.28 percent while the Shenzhen composite shed 1.32 percent.
The moves in China came after Huawei's CFO, Meng Wanzhou, was arrested in Canada. Meng faces extradition to the U.S., Canada's Department of Justice said on Wednesday. That arrest could represent a new frontier in U.S.-China relations, according to the Eurasia Group.
"The arrest and extradition request by the US government represents a new and major escalation in what has been a series of US efforts to hold Chinese companies accountable for violations of US law, some dating back years," the note said.
Another Chinese phone maker, ZTE, saw its Hong Kong-listed shares plunge 5.94 percent by the morning session's end. Both Huawei and ZTE are restricted from selling telecoms equipment in the U.S. due to what the U.S. describes as national security concerns.
Japan's Nikkei 225 fell 2.4 percent in the afternoon while the Topix index declined by 2.16 percent. South Korea's Kospi also shed 1.41 percent, as shares of industry heavyweight Samsung Electronicsdropped 1.93 percent.
In Australia, the ASX 200 slipped 0.52 percent in afternoon trade, with its sectors mixed. The energy subindex fell by 0.51 percent ahead of Thursday's OPEC meeting. The Australian dollar was at $0.7223 after sliding from the $0.735 handle yesterday.
The moves Down Under came after the country's trade surplus for the month of October missed forecasts, coming in at around 2.3 billion Australian dollars (approx $1.67 billion) instead of the expected 3.2 billion Australia dollars (approx. $2.32 billion) from a Reuters poll.
Meanwhile, futures pointed to substantial declines for the U.S. market. Dow Jones Industrial Average futures showed an implied decline of 354.07 for the index at Thursday's open, as of 11:24 p.m. ET Wednesday. S&P 500 and Nasdaq futures also pointed to declines. The U.S. stock markets were closed on Wednesday in honor of former president George H.W. Bush.
Best Asia Real Estate Editors Comments:
After living in Bali for 22 years and observing the rapid growth of the real estate market in our neighbour to the south, Australia, I was always bullish.
A little over a year ago I started to see Australia violate my number one acid test for real estate.My acid test is simple when a real estate market is at a point where you cannot buy a three-bedroom home or apartment and rent it out for a positive flow cash flow the market will probably end and go down.
Last year I wrote a series of articles (see below) and talked about a crashing real estate market in Australia’s major cities of Melbourne, Sydney, and Brisbane.
Past 12 Month Articles :
Australia's property market has reached a turning point - Sydney's housing market trumped by Canberra and Hobart By business reporter David Chau
At first nobody believed me.
I argued that the Chinese were pulling out because the Australian government was making it more difficult for them to buy therefore, they would lose their main source of extraordinary demand.
At first Australians laughed at me. Then they began to scorn me believing that I had something to do with the real estate market decline when in fact all I was doing was reporting the obvious.
Now a full year later and prices are in a freefall.
As I predicted they are falling exponentially faster and faster.
When we arrive at the stage where everybody believes that Australian real estate is the worst real estate in the market in the world and when I can buy something, rent it out for positive cash flow, it will be time to test the water. I don’t expect that to happen anytime in 2019 or even 2020.
So those that did laugh at me instead of selling their real state they would’ve saved 10% or more if they sold one year ago when I first issued my sell signal. If they’re still holding, they may lose another 30% to 50% of their value.
Those that sold and purchased Bali last year when everybody was saying it was the worst real estate market in the world after a 30% to 50% decreases since 2014 not only would have saved money on their Australia properties but also, they would have seen their property rise 10% to 20% already.
In just a week or so I will publish my, “Good, Bad and Ugly of the Worlds Real Estate for 2019”.
I will also talk about the world’s real estate markets at my free seminars coming up as per the seminar schedule listed below the article below.
Earn 10% to 20% per annum. The second best time to buy Bali real estate this century.
Buyers, sellers, brokers, agents, investors, lessors or renters will benefit from attending one of our two free Real Estate Seminars in Bali in January.
Free Seminar Schedules: Dates & Times: 1. Thurs. Jan 17th. 6:30 PM to 7:45 PM or 2. Sat. - Jan. 19th. 2:00 PM - 3:15 PM.
Location: Bali, Emerald Villas, Jl. Karangsari, # 5, Sanur, Bali, Indonesia.
Seminar Topics: At these seminars you will learn about:
- The Past, Present and Future of Bali Real Estate.
- Clarification of laws allowing foreigners total control up to 80 years.
- How to avoid legal problems and make sure a property is safe.
- How to avoid complicated laws - Indonesians married to foreigners.
- Why this is the second-best time to buy this century.
- Where are the best locations to buy for maximum profits?
- What properties offer the potential of *10% to 20 % per year?
- Discover how you can sell your property fast for the highest prices and lowest commissions on a brand-new web site.
- Free listing on B.A.R.E. First Class Beachfront property at almost 50% discount.
- Low cost properties with Luxury Villas starting as low as $158,000 for a three-bedroom 650 m² 3-bedroom, 4 baths with private 9 mtr. Pool.
- Ridiculously low-priced ocean view building lots $25,000 for 500 m².
- Brand new Bali Luxury Retirement Villas starting at $198,000.
Limited Seating & Free Parking:
Seating is very limited for these free seminars so please avoid disappointment and make reservations A.S.A.P. Click Here For a Reservation Or Email: email@example.com or Tel: Office: 62-361- 284069 – Bahasa Indonesia 62-8123632177