Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Asian Stocks Slump On Disappointing China Trade Data, Ukraine Crisis
Published in Amwal Al Ghad on 10 - 03 - 2014

Asian stocks fell sharply on Monday and the dollar stepped back from its recent highs as surprisingly weak Chinese trade data rattled investors already on edge over the crisis in Ukraine.
European shares were seen opening largely flat with the poor Chinese data tempering optimism from a robust U.S. nonfarm payrolls report.
Financial spreadbetters predicted Britain's FTSE 100 .FTSE would open as much as 0.06 percent higher, Germany's DAX .GDAXI up 0.13 percent and France's CAC 40 .FCHI add as much as 0.18 percent.
Investors greeted the new week in Asia on a cautious note after data issued on Saturday showed China's exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world's second-largest economy.
The soft Chinese data put a damper on risk sentiment, which had been temporarily boosted by stronger-than-expected U.S. nonfarm payrolls out on Friday showing employers had added 175,000 jobs to their payrolls last month, up from 129,000 new positions in January.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost 1.4 percent, and Tokyo's Nikkei stock average .N225 shed 1.0 percent, retreating from Friday's six-week high.
China's CSI300 index .CSI300 slid to its lowest in nearly nine months, and Hong Kong's Hang Seng Index .HSI shed 1.8 percent. .SS
U.S. stock futures fell 0.4 percent from their record closing high on Friday.
"Fundamentally speaking, data out of the U.S. has a bigger underlying market impact, but the psychological effect from Chinese economic indicators cannot be overlooked. The Nikkei's attempt to chase further highs being derailed is a prime example," said Koji Fukaya, president at FPG Securities in Tokyo.
"The rise in yields after the upbeat U.S. data supports the dollar, but latest indicators out of China dampens risk appetite and may foil the currency's advances against the yen," Fukaya said.
Russian forces tightened their grip on Crimea, seizing another border post and a military airfield, fanning tensions ahead of a planned Moscow-backed referendum on Sunday on whether the Black Sea peninsula should join Russia.
Diplomatic efforts to cool the crisis in Ukraine calmed markets toward the end of last week, but rising tensions over Russia's intervention in Crimea have kept investors on edge.
Adding to the somber mood, a Malaysia Airlines flight with 239 people on board vanished en route to Beijing from Kuala Lumpur in the early hours of Saturday, with questions mounting over possible security lapses and whether a bomb or hijacking could have brought down the plane.
The U.S. dollar index .DXY, a composite of six currency pairs dipped 0.1 percent to 79.683 after touching a high of 79.847 on Friday after the U.S. jobs data.
Against the safe haven yen the dollar stood at 103.12, pulling away from a six-week high of 103.77 hit on Friday.
The euro remained near recent highs, with bulls still heartened by the European Central Bank's reluctance last week to take further policy action.
The single currency traded at $1.3879, within striking distance of a 2-1/2 year peak of $1.3915 reached on Friday.
China's yuan opened trade at 6.1554 per dollar on Monday, down 0.5 percent from Friday's close of 6.1260, before moving to 6.1451. The yuan as well as Chinese short-term rates fell amid expectations Beijing is quietly easing monetary policy to buttress wobbly economic growth. CNY/
Gold edged lower for a second straight session on Monday after the strong U.S. jobs data eased fears of an economic slowdown and dimmed the metal's safe-haven appeal. GOL/
But underlining the fact that the crisis in the Ukraine was likely to remain a key theme for the precious metal, data from the Commodity Futures Trading showed that hedge funds and money managers raised their bullish bets in gold futures and options for a fourth consecutive week as geopolitical tensions boosted speculative interest to its highest in more than a year.
In wake of disappointing Chinese data, Brent crude declined 55 cents to $108.45 a barrel, ending two straight days of gains. Geopolitical tensions in Ukraine and Libya limited the falls. O/R
"Oil pulled back because of the latest data from China despite continuing tensions over Ukraine," said Victor Shum, vice-president of energy consultancy IHS Energy Insight. "The ongoing situation in Ukraine will put a high floor on oil prices and lead to more volatility."
The weak data also fanned concerns over China's metals industry. Three-month copper on the London Metal Exchange dropped 1.6 percent to $6,674.75 a tonne. It earlier slid as far as $6,608 a tonne, its weakest since June 25, when it stopped at $6,602, the lowest since July 2010.
Source : Reuters


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