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Japan dethrones China to become world’s second-biggest stock market

  • by Patty Hardy
  • in Business
  • — Aug 5, 2018
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China, which emerged as the world's second-largest stock market in November 2014 in terms of market valuation, was finally pushed to the third place on Friday, with Japan returning to the second spot.

The figures showed Chinese stocks were worth US$6.09 trillion, compared with US$6.17 trillion in Japan.

China΄s stock market has been overtaken as the world΄s second biggest by Japan, having been hit this year by the threat of an ever-growing trade war with America and slowing economic growth.

The Shanghai Composite Index was one of the worst performers in the world this year after losing 17%. Some industrial and tech stocks have lost up to 20 per cent. Still, the Shanghai Composite Index suffered its worst week since early February.

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Policy makers have said that they would remove limits to encourage investment in industries from banking to agriculture but the foreign ownership of equities and bonds are still low. Nearly 60% of companies on the gauge that have reported in the current earnings season have beaten analyst expectations.

The Trump administration said that President Donald Trump had asked U.S. Trade Representative Robert Lighthizer to consider hiking proposed tariffs on $200 billion worth of Chinese imports from a previously announced 10% to 25%. China's currency is in line for an eighth weekly retreat, the longest run since the start of the country's modern foreign-exchange rate regime in 1994.

Deutsche Bank was among the latest to do so, cutting its year-end prediction to 6.95 yuan per United States dollar from 6.8 on Wednesday, saying that trade tensions would likely put persistent pressure on China's current account in the next few years. Onshore yuan, which is traded by mainland traders, also dropped to its lowest level in 15 months at 6.8724 yuan per dollar on Friday, down 0.5% from Thursday. Deutsche Bank AG was among the latest to do so, cutting its year-end prediction to 6.95 per dollar from 6.8 on Wednesday, saying trade tensions will likely put persistent pressure on China's current account in the next few years.

"We look to bring more benefits, more choices, and more value to our customers".

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