EGP nudges higher vs. USD in early Thursday trading    Global electricity demand to surge through 2026 – IEA    Japan's c. bank holds key interest rate    Egypt, US FMs discuss Gaza crisis, Nile water security    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    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 shares hug one-year high, China imports revive
Published in Amwal Al Ghad on 08 - 09 - 2016

Asian shares held within one-year peaks on Thursday as Chinese trade data topped forecasts and imports recorded their first annual rise since late 2014, a promising sign for global demand that gave the Australia dollar a lift.
Beijing reported imports rose 1.5 percent in August from a year ago, confounding forecasts of a 4.9 percent drop, while exports from the Asian giant dipped 2.8 percent.
The initial reaction was muted, in part because markets have come to distrust the veracity of Chinese data over the years, though the Aussie did nudge up a touch to $0.7691 AUD=D4.
"The improvement in imports is mostly a reflection of stronger domestic demand. Chinese companies are restocking, and also are now expecting prices to start rising," said Wang Jianhui, an economist at Capital Securities.
"We expect exports to stay stable and imports to improve as higher prices spread to more products."
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.1 percent, but that followed four days of gains which took it to the highest since July last year.
South Korean stocks .KS11 lost 0.3 percent, having also touched a one-year top this week, while Shanghai .SSEC turned a fraction firmer.
Japan's Nikkei .N225 lost 0.3 percent, easing away from a three-month top in the face of a firm yen.
European bourses were predicted to start steady to slightly softer by spreadbetters.
There was little in the way of a lead from Wall Street. The Dow .DJI ended Wednesday down 0.06 percent, while the S&P 500 .SPX lost 0.02 percent and the Nasdaq .IXIC added 0.15 percent to eke out a record high finish.
Apple (AAPL.O) shares rose 0.6 percent, after the biggest company by market value unveiled its new iPhone.
ECB EXTENSION EYED
The main event later on Thursday will be the European Central Bank's regular policy meeting.
Nearly all analysts polled by Reuters expect rates to remain unchanged on Thursday, though there was more uncertainty on whether the ECB would announce an extension of its 80 billion euro of monthly asset buys.
If the central bank were to make that call, it would likely reinforce speculation of more easing before year end and could pressure the euro.
The single currency was parked at $1.1252 EUR= on Thursday, just off the week's top of $1.1269.
It jumped earlier in the week when a disappointing reading on the U.S. services sector seemed to diminish the chance of a rate hike from the Federal Reserve and slugged the dollar across the board.
Neither was there much urgency to tighten in the Fed's latest Beige Book report on the economy, which was littered with the words "modest" and "moderate".
In particular, there was little sign of the wage pressures that the Fed is counting on to push inflation higher.
Futures markets 0#FF: imply only around a 15 percent chance of a rate rise in September, climbing to 42 percent for December.
The dollar was off 0.1 percent on a basket of currencies at 94.880 .DXY, having touched a one-week low of 94.690.
The yen remained firm at 101.67 per dollar JPY= due in part to talk the Bank of Japan's board was struggling to agree on a common front for more easing at its policy review later this month.
BOJ Deputy Governor Hiroshi Nakaso said on Thursday the central bank needed to balance the economic benefits of negative rates against its impact on financial sector profits.
In commodity markets, U.S. crude extended an overnight bounce after U.S. inventory data showed what might be the largest weekly stock draw in over three decades.
U.S. crude CLc1 climbed 79 cents to $46.29 a barrel, while Brent futures LCOc1 rose 75 cents to $48.73. [O/R]
Source: Reuters


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