Asian Stocks Faces Volatility Following Trump Shooting Incident

the Asian stock market showed volatility following the shooting incident at a campaign rally for former US President and presidential

Sophia Cruz•Monday, July 15, 2024•2 min read

In today’s trading, the Asian stock market showed volatility following the shooting incident at a campaign rally for former US President and presidential candidate Donald Trump in Pennsylvania earlier this week. In addition, the situation was further complicated by a national holiday in Japan, which resulted in market liquidity.

Asian Stocks Faces Volatility Following Trump Shooting Incident

David Roche, president of Quantum Strategy, stated in a note on Sunday that Trump is likely to win the presidency, with an increased chance of a Republican clean sweep of both the House of Representatives and the Senate.

The possibility of Trump’s return to the White House after the attack is now increasing investor concerns. His aggressive trade policies, lax regulations, fiscal plans, and potential tax cuts could fuel inflation and delay rate cuts.

Meanwhile, China’s statistics bureau reported that the economy grew by 4.7% in the second quarter, falling short of the 5.1% expansion forecast by a Reuters poll and down from the 5.3% growth in the first quarter.

China’s retail sales for June were also lower than expected, rising 2% year-on-year, compared to the 3.3% growth expected by economists polled by Reuters. In May, sales had increased by 3.7%.

Hong Kong’s Hang Seng index dropped 1.73% in its final hour of trade, led by consumer stocks, while mainland China’s CSI 300 edged up 0.11% to 3,476.25 after the economic data came in below expectations.

Furthermore, China’s top leaders will convene this week for the highly anticipated Third Plenum meeting. Analysts expect the focus to be on high local government debt levels and the push for advanced manufacturing, rather than the real estate sector.

Elsewhere in Asia, Japan’s markets are closed for a public holiday. South Korea’s Kospi rose by 0.14% closing at 2,860.92, while the small-cap Kosdaq increased by 0.3% to 852.88, ending a three-day losing streak.

In Australia, the S&P/ASX 200 on the other hand, reached an all-time high, surpassing the 8,000 mark for the first time, closing up 0.73% at 8,017.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.