While Asian stock market indices were trading mixed on Wednesday (20 July), the Shanghai Composite Index was down 0.03% at 3,035.79 as of 5.07am GMT, following the International Monetary Fund (IMF) cutting the economic growth forecast for the UK post Brexit. However, the IMF ruled out a recession in Britain.
As per IMF's World Economic Outlook, the UK's economy is now forecast to grow at 1.7% in 2016, against the earlier 1.9% growth projection, which it blamed on expectations of a "significant" fall in domestic demand". For 2017, the forecast took a deeper hit, down from 2.2% to 1.3%.
The mixed trading in Asia also followed a mixed close on Wall Street overnight. While the S&P 500 index closed lower, the Dow Jones Index closed higher. This was amid mixed second-quarter earnings results in the US, according to a news report.
Indices in the rest of Asia traded as follows on 20 July at 5.33am GMT:
|Hong Kong||Hang Seng Index||21,830.26||UP||0.72%|
Overnight (19July), the Dow Jones Industrial Average closed at 18,559.01, up 0.14%, while the FTSE 100 closed at 6,697.37, up 0.03%
Among commodities, oil prices recovered after touching two-month lows amid oversupply concerns. While WTI crude oil was trading higher by 0.31% at $44.79 (£34.19,€40.67) a barrel, Brent crude was trading 0.26% higher at $46.78 a barrel as of 5.43am GMT.