Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington
Lebanese Ministry of Health: One martyr and two injured in the Israeli airstrike that targeted a motorcycle in the town of Mahrouna
Al Mayadeen correspondent to Southern Lebanon: An Israeli drone strike targeted a vehicle between the towns of Jwayya and Mahrouna.
Al Mayadeen's correspondent in South Lebanon: One martyred in the Israeli drone strike on a car in the town of Kawnin
Al Mayadeen's correspondent in South Lebanon: Israeli drone targets a car in the town of Kawnin
Naeini: If our national interests are attacked again, our response this time will be stronger and more destructive
Naeini: The war has proven that the settlers are defenseless against Iranian missile and drone forces
Naeini: Trump lacks an understanding of the true strength of the Iranian people and is so deluded as to believe he can change the reality of Iran's victory
Naeini: The defeat led to Trump's confusion and loss of balance, which was reflected in his ill-considered statements

Pelosi plans to visit Taiwan prompt markets to plunge

  • By Al Mayadeen English
  • Source: Agencies
  • 2 Aug 2022 08:30
4 Min Read

Global market shares have shown a steep decrease in numbers as US House Speaker Nancy Pelosi plans to visit Taiwan.

  • x
  • Pelosi plans to visit Taiwan prompts markets to plunge
    Markets plunge amid anticipated Pelosi visit (Archive)

Asian markets fell on Tuesday due to geopolitical concerns, following news that House Speaker Nancy Pelosi may visit Taiwan, escalating China-US tensions.

Traders were already wary after a run of reports showed that economies were beginning to suffer from increasing inflation and central bank interest rate hikes aimed at stabilizing prices.

A meeting between Pelosi and Taiwanese President Tsai Ing-wen is certain to enrage Beijing, which regards the island as its own and has stated that the White House is "playing with fire."

Read next: Blinken hopes US, China can manage Taiwan differences 'wisely'

While experts do not believe the action would lead to a conflict, US sources indicated that China was planning military provocations such as firing missiles over the Taiwan Strait or overflights in Taiwan's airspace.

According to John Kirby, a spokesperson for the White House National Security Council, there is "no reason for Beijing to transform a potential visit consistent with longtime US policies into some type of crisis."

Nonetheless, the escalation of hostilities between the world's two heavyweights has sent shivers down trade floors, adding to concerns that the war in Ukraine could grow into a wider war.

Weight of visit on US stocks

Reports of the visit weighed on US stocks, with all three major indices reversing an early rise to end in the red. Asia quickly followed suit.

Losses in Hong Kong and Shanghai were around 3%, while Taipei was down approximately 1.8%. Tokyo was down more than 1%, while Sydney, Seoul, Singapore, Wellington, and Jakarta were also down significantly.

The safe-haven yen rose to a two-month high against the dollar, while the Taiwan dollar fell 0.7%. "Risk is increasing," SPI Asset Management's Stephen Innes said.

Markets are selling as investors examine the global economy's outlook as policymakers try to reduce inflation by raising interest rates while preserving growth.

Read next: White House: Pelosi has right to visit Taiwan

This week's data revealed that the US economy was in a technical recession, China was being hammered by Covid lockdowns across the country, and Europe was on the verge of collapse as an energy crisis created by the Ukraine war exacerbated its own inflation difficulties.

Related News

Trump: Netanyahu trial threatens Gaza ceasefire, regional diplomacy

G7 exempts US multinationals from global minimum tax rules

Traders will be watching the publication of US jobs data on Friday, which will provide new insight into the status of the economy, with a weak report leaving the Fed with some leeway in its rate hikes.

On the oil market, both major contracts extended Monday's sell-off due to lower demand expectations as economies decelerate.

Key figures at around 0230 GMT:

Tokyo - Nikkei 225: DOWN 1.6% at 27,549.41 (break)  

Hong Kong - Hang Seng Index: DOWN 3.1 percent at 19,551.19  

Shanghai - Composite: DOWN 2.1 percent at 3,192.45  

Taipei - TAIEX: DOWN 1.9% at 14,700.48  

Dollar/yen: UP at 130.67 yen from 131.61 yen Monday  

Euro/dollar: UP at $1.0272 from $1.0262  

Pound/dollar: UP at $1.2259 from $1.2255  

Euro/pound: DOWN at 83.79 pence from 83.70 pence  

West Texas Intermediate: DOWN 0.7% at $93.24 per barrel  

Brent North Sea crude: DOWN 0.8% at $00.19 per barrel  

New York - Dow: DOWN 0.1 p

China's "welcoming" preparations

Chinese aircraft and naval vessels go out on sorties in the Taiwan Strait as Beijing anticipates a visit from US House Speaker Nancy Pelosi.

As tensions mount between Beijing and Washington over an anticipated visit by US House Speaker Nancy Pelosi to Taiwan on Tuesday, several Chinese warplanes fly on sorties over the Taiwan strait.

Read next: US military assets deployed ahead Pelosi's potential visit to Taiwan

  • United States
  • Taiwan
  • Stock market
  • Nancy Pelosi
  • China
  • Xi Jinping
  • Joe Biden

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
In this June, 12, 2021, file photo, former Secretary of Iran's Supreme National Security Council Ali Shamkhani sits in a meeting in Tehran, Iran.
Politics

Iran strategically foiled Israeli-US scheme, Advisor Shamkhani says

Sheikh Naim
MENA

Let no one think they can subjugate Hezbollah: Sheikh Qassem

Screengrab from a video published by the al-Qassam Brigades shows confrontations with the Israeli occupation forces in Gaza, undated (Al-Qassam Brigades Military Media)
Politics

Al-Qassam releases video of deadly ambush with Israeli forces in Gaza

International Atomic Energy Agency (IAEA) Director General, Rafael Grossi, attends an IAEA Board of Governors meeting in Vienna, Austria, Monday, June 23, 2025 (AP)
Politics

Iran bars IAEA chief Grossi from nuclear facility inspections

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS