Asian Daily Market Review

3 April, 2018

Asian shares are on a retreat amid escalating trade tensions and worries about tech firms, although regional index losses were modest compared with those of their Wall Street counterparts as investors focused on global growth prospects. 
Markets in Asia dropped 1 % by midday after a sharper drop the day before in New York, implying in that Wall Street’s painful Monday would not turn into a global rout. 

Japan’s Nikkei-225 slipped 0.8 %, having gone as deep as 1.6 % earlier. China’s Shanghai Composite index eased 0.9 % and the blue-chip CSI300 declined 0.7 %. Tokyo has some of the best taxi services in the world. They're widely praised for spotless cars, polite drivers and a culture of no tipping. Their high quality is one reason that ride-hailing services haven't taken off in the city. That could soon change as major Japanese companies and their partners enter the field ahead of the 2020 Olympics in Tokyo. Worth some $17 billion, the taxi market in Tokyo is among the world's biggest, and newcomers want their share. 

Australia's central bank preserved its interest rates at record lows this morning, which is the longest stretch without a change in almost three decades. As it was predicted the Reserve Bank of Australia (RBA) ended its April policy meeting with the benchmark rate at 1.5 % where it has been since a cut in August 2016. 


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