MARKETS: Asian stock markets plunged into the red as artificial intelligence craze fades – Trump and Xi’s talks in China continue

In Asia, the stock markets were falling on Friday, as the stock rally fueled by artificial intelligence lost its momentum.

In recent weeks, strong earnings figures and the resilience of the US economy have lifted the world’s stock markets to record levels. However, the market is assessing more and more closely whether an oil price of over one hundred dollars can accelerate inflation again and weaken the economic outlook.

At the time of the review, Japan’s Nikkei was down 1.8 percent and the broader Topix was down 0.6 percent.

In mainland China, the CSI 300 was down 0.6 percent. Hong Kong’s Hang Seng was down 1.4 percent.

South Korea’s Kospi index plunged to a steep 5.7 percent drop on Friday, as foreign investors continued to repatriate profits from the country’s stock market. The index briefly hovered around a record 8,000 points, but then took a clear downward turn.

President of the United States Donald Trump’s and the President of China Xi Jinpingin the meeting between continued on Friday in China.

In an interview with Fox News, Trump said that Chinese President Xi Jinping had offered to help with issues related to Iran. However, China has so far not publicly confirmed the claim.

According to the White House, the leaders of the countries agreed at their meeting that the Strait of Hormuz must be kept open.

According to Trump, China agreed to buy 200 airplanes manufactured by Boeing. It would be the first significant order for US aircraft by Chinese airlines in almost a decade. According to Bloomberg, however, the size of the deal was clearly below the maximum of 500 machines previously expected on the market.

In addition, Trump said that China is committed to buying American oil.

On the oil market, the price of Brent oil was rising on Friday. At the time of review, the price was around $106 per barrel. The price of West Texas Intermediate oil, on the other hand, was 102 dollars per barrel.

At 8:25 a.m. one euro was worth 1.16 dollars, 184.6 yen, 0.87 pounds and 10.9 Swedish kronor. The dollar was 158 yen and the pound was 1.33 dollars.

A decline is expected in the United States on Friday, based on index futures. A decline is also expected in Europe.