Most of the stock markets have closed in the region of Southeast Asia since the quarrel between China and U.S regarding trade, also affecting Malaysia and the Philippines.
They imposed new taxes upon each other’s exports and imports while they are both known to be one of the largest economies. This series of events happened over the weekend. The world will go through a period of economic decline if these things continue to happen.
According to the President of the United States of America, Chinese officials and the U.S are planning to schedule a meeting to resolve this disagreement and negotiate but have been in vain to decide on a suitable time.
As they are unable to resolve the spat, the clients are uncertain about the upcoming situations.
Rachelle Cruz, an analyst of AP securities, said that right now these markets seem to be very provisional and uncertain and that the participants were awaiting the newly imposed taxes after the meeting takes place.
Philippine stocks only degraded 1.4%. In contrary, others declined to up to 2% and 4%.
Growth in the manufacturing sector has been seen in August according to the report compiled by the survey of IHS Markit.
If we talk about Malaysia, their stocks declined to 1.3% according to the survey. Its performance is at its lowest now after march till august.
Petronas Dagangan declined more than 6% and Sime Darby Plantation fell by 4%.
While the shares of Indonesia fell by 0.5% due to telecom and healthcare services.
The utility and industrial stocks caused Singapore’s stocks to be higher than the others.
The manufacturing data obtained shows how the economy of the state is doing, whether it is declining or not. The manufacturing of the products and their shipping is the main factor that decides the state of the economy.