Thursday November 28th

28-11-2019

European markets traded lower on Thursday

European markets traded lower on Thursday, as investors monitored friction between the U.S. and China over the Hong Kong protests. Stocks in Asia declined on Thursday as bills backing protesters in Hong Kong were signed into law by U.S. President Donald Trump on Wednesday. Mainland Chinese stocks declined on the day, with the Shanghai composite 0.47% lower at about 2,889.69 and the Shenzhen component shedding 0.27% to 9,622.14. The Shenzhen composite slipped 0.259% to approximately 1,597.85.Hong Kong-listed shares of Alibaba continued to see strong gains as they soared 5.59% following their blockbuster debut on Tuesday, ahead of the broad market as the Hang Seng index closed 0.22% lower at 26,893.73. Elsewhere, the Nikkei 225 in Japan closed 0.12% lower at 23,409.14 while the Topix index finished its trading day 0.17% lower at 1,708.06. South Korea’s Kospi also shed 0.43% to close at 2,118.60. Oil prices fell for a second day on Thursday after official data showed U.S. crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fueling tensions with China. Brent crude was down 19 cents, or 0.3%, at $63.87 a barrel by 0854 GMT, having dropped 0.3% on Wednesday. West Texas Intermediate crude fell 33 cents, or 0.6%, to $57.78, after losing 0.5% in the previous session. Gold prices rose on Thursday as investors bought the safe-haven metal on doubts about whether the United States and China will seal a trade deal after President Donald Trump signed a legislation supporting Hong Kong protesters. Palladium retreated slightly after hitting an all-time peak of $1,836.61 earlier in the session. Spot gold was up 0.1% at $1,455.63 per ounce by 0659 GMT. U.S. gold futures rose 0.1% to $1,454.80.