Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    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 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 mixed amid renewed US-China trade uncertainty
Published in Amwal Al Ghad on 07 - 05 - 2019

Asian markets were mixed on Tuesday amid renewed tensions between the U.S. and China after Washington said tariffs on Chinese goods will rise on Friday.
The Chinese markets, which plunged more than 5% on Monday, attempted to stage a recovery during Tuesday's session. The Shanghai composite rose 0.69% to close at about 2,926.39 and the Shenzhen component added 1.63% to finish its trading day at 9,089.46. The Shenzhen composite advanced 1.617% to close at approximately 1,540.31.
Meanwhile, Hong Kong's Hang Seng index also added more than 0.3%, as of its final hour of trading, as shares of life insurer AIA gained beyond 1.5%.
The Nikkei 225 in Japan, which returned to the first day of trade following an extended holiday period, slipped 1.51% to close at 21,923.72 as shares of index heavyweight Fanuc dropped more than 3%. The Topix index also declined 1.12% to finish its trading day at 1,599.84.
Over in South Korea, the Kospi fell 0.88% to close at 2,176.99 as shares of Hyundai Motor dropped more than 1%.
Australia's ASX 200, on the other hand, rose 0.19% to close at 6,295.70.
"I think what's quite surprising here is just that people are surprised by what's happened over the last few days," Alexander Treves, managing director and investment specialist of emerging markets and Asia Pacific equities at J.P. Morgan Asset Management, told CNBC's "Squawk Box" on Tuesday.
"Given the various people involved, surely an element of disruption was always going to be likely along the way through this process," Treves said. "Our best guess at the moment is that this is a negotiating ploy."
In overnight market action stateside, stocks recovered from most of their losses amid hopes that China and the U.S. will still strike a trade deal despite a recent re-escalation in tensions.
The Dow Jones Industrial Average ended the day down just 66.47 points at 26,438.48, while the S&P 500 closed 0.4% lower at 2,932.47. The Nasdaq Composite was down 0.5% at 8,123.29.
Shares on Wall Street made a stunning comeback from their intraday lows, with the Dow plunging as much as 471 points at one point, after CNBC reported that a Chinese delegation will still travel to the U.S. to continue negotiations this week, albeit with a smaller group than originally planned. Chinese Vice Premier Liu is also expected to join the delegation in Washington.
Stocks across the globe were caught in a whirlwind on Monday after U.S. President Donald Trump said in a Sunday tweet that current 10% tariffs on $200 billion worth Chinese goods were set to increase to 25% on Friday. Trump also threatened to impose 25% of tariffs on an additional $325 billion of Chinese goods "shortly."
"Implementation of the increased tariff levels on Friday could be a final nail in the coffin for these trade talks as well as the equity bull run which we've seen since the beginning of the year," analysts at Rakuten Securities Australia wrote in a morning note. Stocks have been on a tear for much of 2019 so far amid earlier signs that the U.S. and China could be close to reaching a deal to end their protracted trade war.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.429 after touching levels above 97.6 yesterday.
The Japanese yen, widely viewed as a safe-haven currency, traded at 110.68 against the dollar after touching highs below 110.5 in the previous trading session.
The Australian dollar changed hands at $0.7032, bouncing from an earlier low of $0.6979, after the Reserve Bank of Australia kept interest rates on hold.
The RBA ended its monthly policy meeting by keeping rates unchanged at 1.5 percent, where they have been since mid-2016.
Oil prices were mixed in the afternoon of Asian trading hours, with the international benchmark Brent crude futures contract slipping 0.14% to $71.14 per barrel. U.S. crude futures rose 0.13% to $62.33 per barrel.
Source: Reuters


Clic here to read the story from its source.