Despite the disappointing PMI data for May around the world, most Asian markets ended in the green on May 24.
On May 23, President Trump announced a $16 billion bailout package for farmers hurt by the trade war with China. On May 24, China accused the US of spreading rumors about Huawei and connecting it to the government. While President Trump said that Huawei is very dangerous, he’s open to the possibility of including it in the trade deal. Where’s the trade deal anyway?
Panasonic said it would continue doing business with Huawei—in contrast to an earlier report that indicated otherwise.
After having a forgettable week, the Shanghai Composite Index stayed steady on May 24. The index gained two basis points and ended the week at 2,852.99. The index lost more than one percent this week. The index fell in three out of five trading days.
However, the Shenzhen Component Index suffered losses on May 24. The index fell 0.37% on May 24 and ended the week at 8,776.77.
The iShares MSCI China ETF (MCHI) fell 1.87% on May 23 and extended its loss of 1.07% on May 22. The iShares China Large-Cap ETF (FXI) fell 1.23% on May 23. FXI rose 0.22% in pre-market trading at 4:39 AM EST on May 24. The technology-focused KraneShares CSI China Internet ETF (KWEB) fell 2.84% on May 23, while the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) lost 1.26% on May 23.