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China, Taiwan Stocks Slump as Pelosi Visit Looms, Asian Markets Tumble

Stock Markets Aug 01, 2022 11:00PM ET
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By Ambar Warrick

Investing.com-- Chinese and Taiwanese stocks plummeted on Monday ahead of a possible trip by U.S. House Speaker Nancy Pelosi to Taipei, while Hong Kong’s Hang Seng index led losses across Asian markets.

Investors were wary of political tensions stemming from Pelosi’s potential trip to Taiwan- which has been vehemently opposed by China. The House of Representatives Speaker is currently on a tour of Asia.

Reports said that both Taiwanese and U.S. officials had said that Pelosi could visit the country this week, despite warnings from China over such a move. U.S.-China relations are already at a low point due to Beijing’s ties with Russia.

U.S. officials said Beijing’s responses to the meeting could include military action, or other “spurious” legal claims.

As of 2218 ET (0218 GMT), the Taiwan Weighted benchmark index shed 1.8%, while the Chinese blue-chip index dropped more than 2%. The Shanghai Composite index also dropped 2.4%.

Most other Asian bourses fell sharply, with Japan’s Nikkei 225 down 1.6%.

Hong Kong’s Hang Seng Index tumbled 2.9%, with real estate and technology stocks weighing the most. Property developer Country Garden Holdings Company Ltd (HK:2007), and mobile phone maker Xiaomi Corp (HK:1810) were the worst performers on the index, down 6.2% each.

The Australian benchmark index dropped 0.6% ahead of a widely awaited interest rate hike by the Reserve Bank later in the day. The hike, which will be the RBA’s largest raise this year, comes as the bank struggles to curb rising inflation.

Tuesday’s sell-off in Asian stocks is largely a follow-up to a weak overnight session on Wall Street, where mixed U.S. manufacturing data drove the main indexes lower. The S&P 500 dropped about 0.3% on Monday.

Asian stocks had also started the week on a soft note, after data showed China’s manufacturing sector had unexpectedly shrunk in July.

Dismal manufacturing readings from Asia and Europe have also raised concerns over a potential global recession. The United States has already logged two consecutive quarters of negative growth.

China, Taiwan Stocks Slump as Pelosi Visit Looms, Asian Markets Tumble
 

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Comments (7)
Son Yay
Son Yay Aug 02, 2022 7:39AM ET
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CCP hot-air Wolf shouting bluff is called and made to look silly now huh? Pelosi has been a thorn in their side ever since she visited the site of the massacre of 10,000 farmers, students, peasants in 1989 and was arrested. She's sided with her refugee constituents in SanFran in the 1990 Congress speech about Tiananmen Square massacre. Xi has no power in Taiwan. They're getting weaker by the day, they're inexperienced, their training is poorer than their rusting stolen tech. They have no real allies or strategy.
Nils Hullmann
Nils Hullmann Aug 02, 2022 4:21AM ET
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lifetime of unpunished insider trading.....hope the plane gets shot down
Ken Roth
Ken Roth Aug 02, 2022 4:21AM ET
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Nils is a russian putin supporter never mind his comments
Dennis Chuck
Dennis Chuck Aug 02, 2022 4:12AM ET
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This evil b only cares about her tesla options.
lup sup
lup sup Aug 02, 2022 3:47AM ET
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Her time is up and she has to go back to see her maker.
Dennis Chuck
Dennis Chuck Aug 02, 2022 3:35AM ET
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Americans are basically stir shet stick and e-vil. They like to go around the world create conflicts at the expense of others, while benefiting themselves. Bear in mind that majority of the world conflicts are intentionally inflicted by americans. By creating conflicts, americans are making billions.
lup sup
lup sup Aug 02, 2022 3:35AM ET
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Who gives a fark to that old b....
Ken Roth
Ken Roth Aug 02, 2022 2:29AM ET
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China has created this situation themselves by overtaking HongKong in a hard way and the promise to Hong Kong of one country two systems have not been honered. Freedom of speech is under serious pressure in HongKong and people normal way of life in a democracy is gone.This means Taiwan does not trust China to keep status quo and let Taiwan live their own way. Off course US will support any freedom loving country that want to live their own way. Pelosi does the only right thing and that is to show dictators that they cannot bully US to stay away from Taiwan. US have clearly said that we are not interested in changing the status quo between China and Taiwan so China has nothing to fear unless they want to start a war over taiwan to force them to live like chinese without freedom of speech.
Giorgio Sericeno
Giorgio Sericeno Aug 02, 2022 12:05AM ET
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politician's are supposed to solve problems not to create new ones.
Tom Scheuermann
Tom Scheuermann Aug 02, 2022 12:05AM ET
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not going because China told her not to would create a bigger problem
 
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