Asia Minute: Regional Reaction to Prospects of a President Trump
The US presidential election has not only dominated the US news cycle for weeks, it’s also been a focus overseas. HPR’s Bill Dorman looks at early media reaction from the Asia Pacific in today’s Asia Minute.
Shock, disbelief and uncertainty. And that was just the reaction of financial markets in the Asia Pacific. As Donald Trump pushed closer to the White House, regional stock indices tumbled. Markets around Asia closed before the election was settled—with Japan taking the biggest hit.
The Nikkei sank more than five and a third percent—to a three-month low.
South Korea’s Kospi index---down 2.3%... Hong Kong’s Hang Seng down a bit more.
Australia’s main index fell nearly two percent…New Zealand’s skidded more than three percent.
Across the region, it was the biggest one-day market slump for stocks since June… and another surprise vote: the Brexit.
Early regional news coverage and editorials highlighted potential trade issues and regional security cooperation. Australia’s Minister of Foreign Affairs told reporters “Countries in our region are looking for more US leadership and not less in the Asia Pacific.”
A spokesman for China’s Foreign Ministry said Beijing will work with the new US President to “ensure the steady and sound development of bilateral ties.”
A sharper observation came from the China bureau chief of Singapore Press Holdings, who wrote that “For China, the biggest question in dealing with a President Donald Trump is what he will do with the Asia Pacific rebalance strategy of outgoing President Barack Obama.”