EGX kicks off week higher on August 17    EGP inches down vs. USD at Sunday's trading close    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    







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



Asian markets tepid as investors watch US-China trade developments
Published in Amwal Al Ghad on 04 - 04 - 2019

Asian markets were muted on Thursday afternoon as investors watched ongoing talks between U.S. and China, with the two economic powerhouses reportedly closer to striking a deal to end a protracted trade dispute.
Mainland Chinese shares ended the morning session higher, as the Shanghai composite added 0.56% and the Shenzhen component rose about 0.37%. The Shenzhen composite also gained 0.108%. Over in Hong Kong, however, the Hang Seng index declined 0.52%.
The Nikkei 225 in Japan rose 0.11%, while the Topix was largely flat.
Shares of Apple supplier Japan Display soared almost 6% following a Reuters report that the company would supply organic light-emitting diode (OLED) screens for the Apple Watch later this year.
The supply deal would mark Japan Display's foray into the OLED display market, Reuters reported citing two sources familiar with the matter. The company currently supplies liquid crystal display screens for the iPhone XR.
In South Korea, the Kospi gained 0.17% as shares of industry heavyweight Samsung Electronics added more than 0.5%.
Australia's ASX 200, declined 0.93% as the sectors slipped.
US-China trade hopes
High-level trade negotiations between China and the U.S. resumed on Wednesday in Washington. Hopes were high that both countries were closer to a deal, with U.S. President Donald Trump planning to meet with Chinese Vice Premier Liu He on Thursday in Washington.
White House economic advisor Larry Kudlow told reporters Wednesday that China has acknowledged for the first time that the United States has legitimate gripes about IP theft, forced technology transfer and cyber hacking.
“They have for the first time acknowledged that we have a point. Several points,” Kudlow told reporters at an event hosted by The Christian Science Monitor. Previously, he said, “they were in denial.”
“A lot of the news around the trade negotiations, I think … is priced in to the markets. I think markets are expecting a pretty comprehensive deal to come through, timing still uncertain,” Rob Subbaraman, head of emerging markets economics at Nomura, told CNBC's “Street Signs” on Thursday.
“To really give the markets another lift, we need to see some of the existing tariffs, whether it's on the $50 billion or the $200 billion, actually rolled back,” Subbaraman said.
“News that a US-China trade agreement is virtually a done deal has fuelled optimism,” Vishnu Varathan, head of economics and strategy at Mizuho Bank, wrote in a morning note. “But markets may be converging too quickly on the ‘done' before the ‘deal.'”
Varathan said there remained “landmines” in the implementation and enforcement of any deal that might emerge, citing examples such as Washington's demands that Beijing “gives up its right of retaliation” if the U.S. “unilaterally but proportionally imposes tariffs on China's non-compliance.”
“A deal that needs to be done is not quite the same as a done deal,” he said.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.065 after seeing levels above 97.2 yesterday.
The Japanese yen traded at 111.38 against the dollar after seeing an earlier low of 111.51. The trade-sensitive Australian dollar was at $0.7115 after touching an earlier high of $0.7127.
Oil prices declined in the afternoon of Asian trading hours, as the international benchmark Brent crude futures contract was fractionally lower at $69.28 per barrel and U.S. crude futures declined 0.18% to $62.35 per barrel.
Source: Reuters


Clic here to read the story from its source.