Asia Markets Fall in Fear of Trump’s Comment on OPEC to Maintain Oil Output!
Asia stocks fell ahead of OPEC meeting in fear of Trump's comment to maintain the output as is.
Asia markets has slipped in the morning session after a fall on global markets on December 5, 2018, sending bad signal ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting, which was scheduled to be on today, December 6, 2018.
Hong Kong’s HSI fell 2.32%
Shanghai’s SSEC sank 0.94%
Japan’s NIKKEI plunged 1.63%
South Korea’s KOSPI slid 0.84
Australia’s ASX 200 skidded 0.45%
The fuzzy details on what Trump and Xi had discussed during their trade talk at G20 continues to torment stock markets. Furthermore, Trump, ahead of the meeting, called for OPEC to keep oil output as is, while the world is wishing OPEC to cut oil output and keep the balance in oil price.
The alliance’s policy of capping output has drawn Trump’s ire because the president wants fuel costs to fall at U.S. gas stations. Throughout the year, Trump has publicly blamed OPEC for rising oil prices and ordered the group to take measures to reduce the cost of crude.
How the meeting goes will likely decide where the stock markets go for the rest of the year.