Egypt's gold prices fall on July 31st    Egypt signs new exploration deal with Eni, BP    Sterling set for sharpest monthly drop since 2022    Germany says process towards recognition of Palestinian state 'must now begin'    Egypt, Brazil sign deal to boost pharmaceutical cooperation    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    Egypt's Electricity Ministry says new power cable for Giza area operational    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    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    







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



Asia markets trade mixed amid uncertainty over US-China trade talks
Published in Amwal Al Ghad on 23 - 01 - 2019

Investors in Asia traded cautiously Wednesday afternoon amid concerns over the state of ongoing U.S.-China trade negotiations, after reports emerged that the White House canceled a trade planning meeting with Beijing this week.
The mainland Chinese markets, closely watched in relation to the trade war between Beijing and Washington, saw early gains but eventually lost steam.
The Shanghai composite saw slight gains, while the Shenzhen component and Shenzhen composite both saw fractional losses by the end of the morning session. Hong Kong's Hang Seng index, however, traded a touch higher.
Officials from the Chinese finance ministry said Wednesday that Beijing will boost fiscal expenditure in 2019 to bolster the country's economy.
China delivered about 1.3 trillion yuan of cuts in taxes and fees in 2018, in a bid to stem a slowdown in the country's economic growth as the country was embroiled in a trade fight with Washington.
Japan's Nikkei 225 rose fractionally, while the Topix index continued to trade 0.34 percent lower. Shares of Apple supplier Japan Display surged 10 percent, following a report that the company was looking for a bailout after disappointing sales of the iPhone XR. Japan Display supplies the liquid crystal display screens used in the iPhone XR.
Meanwhile, Japanese automaker Subaru saw its stock plunging more than 5.7 percent before recovering slightly. The stock moves came after Subaru announced it had halted production at its car factory in Japan due to a defective part.
Japan's central bank kept interest rates steady, as expected. The Bank of Japan also left its forward guidance, a move taken in July to keep interest rates extremely low for an extended period, unchanged.
South Korea's Kospi traded higher by around 0.35 percent.
In Australia, the ASX 200 slipped 0.37 percent as most sectors traded mixed. The energy sector declined by about 1.6 percent as oil stocks mostly fell on the back of Tuesday's drop in crude prices. Santos dropped nearly 2 percent, Oil Search declined more than 1 percent and Woodside Petroleum fell 1.34 percent.
Oil prices attempted to stage a limited recovery on Wednesday following the losses in the previous session, with international benchmark Brent crude futures rising 0.11 percent to $61.57 per barrel and the U.S. crude futures contract rising fractionally to $53.03.
US-China trade truce
On Wall Street overnight, the Dow Jones Industrial Average snapped a four-day winning streak as it fell 301.87 points to close at 24,404.48. The S&P 500 shed 1.4 percent to finish its trading day at 2,632.90 while the Nasdaq Composite slipped 1.9 percent to close at 7,020.36.
Stocks stateside dropped to their lows of the day following a Financial Times story which said the U.S. had canceled a trade meeting with Chinese officials. The report was later confirmed by a source familiar with the situation to CNBC's Kayla Tausche.
White House economic advisor Larry Kudlow, however, denied that report, telling CNBC that "there was never a planned meeting" other than the scheduled visit by Chinese Vice Premier Liu He next week.
"I think both sides have lots of incentives to try to deliver a mutually agreeable win but the difficulty will be whether China can move enough to satisfy the structural demands that have been placed upon China by the U.S. negotiating team," Nelson Dong, senior partner at law firm Dorsey & Whitney, told CNBC's "Squawk Box" on Wednesday.
The U.S. and China are aiming to strike a deal to break their trade impasse before March 1. The two economic powerhouses have been locked in an ongoing trade war since 2018 which has seen both sides slap billions of dollars worth of tariffs on each other's goods.
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.330 after touching an earlier session high of 96.344.
The Japanese yen, widely seen as a safe-haven currency, traded at 109.66 against the greenback after after touching a high of 109.31 earlier. The Australian dollar was at $0.7136 after seeing an earlier low of $0.7114.
Source: CNBC


Clic here to read the story from its source.