Coronavirus cases in Egypt surpass 1,000 milestone    Japan ready to give coronavirus-hit nations anti-flu drug Avigan for free    Norway may slash oil output if top producers also cut: Minister    More than 600 dead in New York state in a day from coronavirus    5G coronavirus conspiracy theory is dangerous fake nonsense, UK says    Egypt's Sisi puts off inauguration of New Administrative Capital, Grand Egyptian Museum to 2021 due to coronavirus concerns    Ahly's coach Weiler refuses to leave Egypt despite coronavirus    Ex-Man Utd striker Berbatov says Liverpool fully deserve title    Arab League chief renews call to stop fighting in Libya    Egypt: gold prices today – April 4    Sawiris Foundation donates 100 million pounds to Egypt's coronavirus battle    Egypt-Sudan joint electricity grid starts operations – ministry    Britain unlikely to lift coronavirus lockdown until end of May: Government expert    Gulf Air says transit open again via Bahrain for international travellers    Egypt shuts main cancer centre after 15 medics test positive for coronavirus    Egypt's Sisi discusses Africa's anti-coronavirus efforts in virtual summit    Age limit could be raised for Olympic football tournament    Trump fires intelligence official involved in his impeachment probe    Amazon to postpone Prime Day sales event due to coronavirus    Egypt's Zamalek to extend Carteron's contract after end of coronavirus    Comedy puppet Abla Fahita returns to screens during Egypt's curfew    J.K. Rowling starts Harry Potter At Home for housebound families    Broadcaster predicts Spain's La Liga restart in July with no fans    Apple to stop taking cut of some Amazon video purchases on App Store    Filling GERD will begin this rainy season: Ethiopian PM    Messi praises Egyptian footballer Mohamed Salah's style    Egypt's Supreme Council of Culture launches three new competitions    Freed from detention    Stay at Home: Culture in Your Hands    Captain Khan    Huawei to explore the ultimate potential on its Huawei P40 series    Egypt, MENA growth forecast at 2.7%, -0.3% respectively: IIF    Prosecution warns of EGP 300k fine or 2-year jail for spreading fake coronavirus news    Al-Sisi discusses joint coronavirus efforts with Abu Dhabi Crown Prince    Saudi Arabia intercepts missiles over Riyadh    CBE temporarily regulates cash deposits, withdrawals    Lagging COVID-19 response to shield frail economy: Rouhani    Farwell to Egyptian comedian George Sidhom    Weekend's virtual concerts, plays, and festivals people can stream at home    Amid coronavirus outbreak, Egyptian Premier League cancellation seems inevitable    Brazilian football stadiums transformed into hospitals to treat coronavirus patients    Stay At Home: Ministry of Culture to publish free books online for public browsing    What to watch to kill time in quarantine?    Ethiopia has not sent Egypt latest designs for GERD: Minister of Irrigation    Nigerien President hails Egypt's diplomatic attempts to reach agreement over GERD    Al-Sisi appreciates Kenya's support to Egypt's stance on GERD    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Asian stocks recover; China responds to US tariffs
Published in Amwal Al Ghad on 07 - 07 - 2018

Asian stocks bounced back to recover on the last trading day of the week, with most markets finishing the session higher. Investors were watching developments on the trade front as a deadline for tariffs from the U.S. and China to take effect passed on Friday.
After losses earlier in the day, China markets sprung back slightly, with the benchmark Shanghai composite up 0.46 percent to close at 2,746.48. The smaller Shenzhen composite also recovered slightly, rising 0.48 percent, while Hong Kong's Hang Seng Index was up 0.47 percent to close at 28,313.74.
The Nikkei 225 rose 1.12 percent to close at 21,788.14 as most sectors rebounded after the benchmark's three consecutive sessions of declines.
Elsewhere, South Korea's Kospi rose 0.68 percent and in Australia, the S&P/ASX 200 added 0.91 percent to close at 6,272.30, owing in part to convincing gains in the materials and telecommunications sectors.
Separately, Singapore's Straits Times Index had tumbled 2.35 percent at 4.00 p.m. HK/SIN. as real estate stocks dragged the benchmark lower after the government implemented property cooling measures.
Tariff watch
After a tense lead-up to the July 6 deadline for U.S. and China tariffs to take effect, markets will be watching for potential developments on the trade front. U.S. tariffs on $34 billion worth of Chinese goods from 818 product categories that took effect at 12:01 p.m. HK/SIN, while China implemented retaliatory tariffs on some imports from the U.S. in response, said a Reuters report.
The Chinese government said earlier this week that it would not "fire the first shot" in its trade dispute with the U.S.
Trump on Thursday said an additional $16 billion of Chinese products will be subject to tariffs in two weeks, also adding that he was considering more duties on $500 billion in Chinese goods.
What investors are most worried about is that the wave of tariffs on Friday won't mark the end of things, Liang Hong, chief economist at CICC, told CNBC's "Squawk Box." "Even if we have a temporary truce on this $50 billion total package, there are more [that could come], both on trade and investment on the bilateral relationship," she said.
Concerns about trade tensions between the U.S. and its trading partners, including China, spiraling into a trade war that could hurt economic growth have weighed on investor sentiment in Asia in recent sessions, with regional markets closing lower on Thursday.
Chinese equity markets have taken a knock in recent weeks, with the benchmark Shanghai composite wallowing in bear market territory since last week. CICC's Liang also attributed weakness in mainland stocks to tighter liquidity in markets there, although trade frictions have compounded nervousness.
U.S. stocks shrugged off the soggy session in Asia on Thursday to close higher. The Dow Jones Industrial Average rose 0.75 percent, or 181.92 points and the Nasdaq composite surged 1.12 percent. Europe also notched gains, with the pan-European Stoxx 600 finishing the session higher by 0.41 percent amid optimism that U.S. President Donald Trump could hold off on threats to slap tariffs on European cars.
Also of note, the Federal Reserve's latest minutes showed officials were concerned about letting the U.S. economy running too hot, as that could cause problems leading to a "significant economic downturn." Fed officials said the central bank should proceed with raising U.S. interest rates.
Following the release of U.S. private payrolls data that missed expectations on Thursday, investors are awaiting U.S. nonfarm payrolls due during U.S. hours.
In currencies, the dollar was mostly steady after slipping in the last session. The dollar index, which tracks the greenback against a basket of currencies, was last at 94.436. Meanwhile, the euro was stable for the most part after climbing overnight on the back of strong German data. The euro traded at 1.1687 at 11:56 a.m. HK/SIN after touching the $1.17 level on Thursday.


Clic here to read the story from its source.