MARKETS: Stocks slide in Asia – Bitcoin traded above $106,000

Stock markets were in a slump in several Asian countries on Monday morning.

The CSI 300, made up of major companies on the Chinese stock exchanges in Shanghai and Shenzhen, was down 0.7 percent compared to Friday’s closing reading.

The general index of the Shanghai stock exchange glowed 0.4 percent and Shenzhen 1.3 percent in the red. Hong Kong’s Hang Seng slipped 1.0 percent.

Fresh macroeconomic figures from China were published today. Industrial production grew stronger than expected, while retail sales growth fell short of economists’ expectations.

who will start as president of the United States in January Donald Trump’s the planned tariffs may hit China’s foreign trade. Especially against this background, signs of challenges in domestic demand do not improve the mood of the market.

The Korean Kospi ended down 0.2 percent. In Japan, the Nikkei 225 was close to Friday’s closing reading and the Topix ended with a 0.3 percent slide.

Bitcoin gets more kick from Trump

The Fed will meet on Wednesday. The market expects a 0.25 percent key interest rate cut.

This week we will also hear about the actions of other central banks. The central banks of Japan, England and Norway are expected to keep the key interest rates unchanged, while the central bank of Sweden is expected to lower the key interest rate.

The price of bitcoin went above 106,000 dollars when Trump presented his ideas that the United States should create strategic bitcoin reserves in the same way as for oil.

The price of cryptocurrency has received a lot of support recently in connection with Trump’s plans. For example, he has considered easing the regulation related to cryptocurrencies.

There were no major changes in the currency market. The euro strengthened slightly against several major currencies.

Around 08:50, the euro fetched 1.0513 US dollars, 161.69 Japanese yen, 0.83224 British pounds and 11.541 Swedish kronor.