Egypt posts record EGP629b primary surplus in 2024/25    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    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    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    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    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    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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Asia Drained By HK Unrest, China PMI Offers Minor Relief
Published in Amwal Al Ghad on 01 - 10 - 2014

Asian shares slumped on Wednesday as continued civil unrest in Hong Kong and a downbeat day on Wall Street sapped confidence, while the dollar index was close to a four-year high after marking its best quarterly gain in six years.
European stocks were expected to follow suit, ahead of manufacturing data for Germany, France, Italy and Spain. Financial spreadbetters expected Britain's FTSE 100 and Germany's DAX to down 0.3 percent each, and France's CAC 40 to open 0.4 percent lower.
Trading in Asia was subdued with China closed for National Day and investors warily monitoring Hong Kong's pro-democracy unrest, as thousands of protesters stepped up pressure on the city's pro-Beijing government.
A Chinese manufacturing survey offered investors some relief, and helped put a floor under prices. The official Purchasing Managers' Index was unchanged at 51.1 in September, slightly above market expectations, though the world's second largest economy was not out of the woods yet.
"The economy still faces a degree of downward pressure," Chen Zhongtao, an official at the China Federation of Logistics and Purchasing, which helps to compile the PMI data, said in a statement.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, though above session lows.
Japan's Nikkei stock average ended down 0.6 percent, despite trading positive for a few hours after the dollar broke above the 110-yen level for the first time since August 2008.
"The Japanese market has been able to escape a blow from a sell-off in emerging market currencies thanks to the weak yen, but you can't stay overly optimistic because it can be a threat," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
The Bank of Japan's closely watched tankan survey of business sentiment released before the market opened showed big manufacturers' confidence improved slightly in the latest quarter, but service-sector sentiment worsened, adding to evidence that a sales tax hike continues to weigh on the economy.
The dollar added about 0.2 percent against the yen to 109.84, after rising to a six-year high of 110.09 yen earlier.
That helped lift the dollar index, by about 0.1 percent to 85.999, back toward a four-year high of 86.218 touched overnight.
The euro skidded as low as $1.2571 on Tuesday after data showed cooling euro zone inflation, the culmination of a dismal month in which the currency slipped 3.82 percent - its biggest decline in over two years. It was last down about 0.1 percent on the day at $1.2620.
Data on Tuesday showed annual inflation cooled to 0.3 percent last month, well below the European Central Bank's target of just under 2 percent, increasing speculation the bank will take more easing steps.
The Chinese PMI helped oil crawl off its overnight lows, but crude prices remained pressured by the dollar's momentum. A stronger dollar raises the price of dollar-based commodities for holders of other currencies.
Brent crude added about 0.3 percent on the day to $94.95 a barrel, after marking a 16 percent loss for the quarter, the biggest in two years. U.S. crude added about 0.3 percent to $91.48 a barrel after shedding 12 percent for the quarter, also its biggest quarterly loss in two years, and posting its biggest daily decline since 2012.
The stronger dollar also took a toll on gold, which marked its first quarterly loss this year. Spot gold slipped about 0.2 percent to $1,205.56 an ounce.
Source : Reuters


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