SYDNEY - Asian shares suffered a fresh bout of the shakes on Friday as tough words on trade from China’s media drowned out upbeat news on the U.S. economy and corporate earnings.
The sense of foreboding grew as the Communist Party’s People’s Daily used a front page commentary to evoke the patriotic spirit of past wars, saying the trade war would never bring China down. Shanghai blue chips fell 2.1%, while the offshore yuan eased past 6.9400 per dollar for the first time since November, 2018.
Upbeat results from Walmart burnished the outlook for retail spending, though the giant chain also warned that tariffs would raise prices for U.S. consumers.
Stock markets rise or reduce will be not influence Chinese economy. Since 2008, China's nominal GDP has grown by 11.5% annually and listed companies'net profit by 13.1% annually, The Shanghai Composite Index has only increased by 4.9% annually.
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