Egypt's PM, Russian deputy PM discuss industrial zone, Dabaa nuclear plant    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt leads Arab world in low-carbon hydrogen projects – CAPMAS    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Sisi tells global leaders at Macron's video conference: Israel crossed all red lines    Egypt to begin second phase of universal health insurance in Minya    Madrid trade talks focus on TikTok as US and China seek agreement    El Hamra Port emerges as regional energy hub attracting foreign investment: Petroleum Minister    Egypt's Investment Minister, World Bank discuss strengthening partnership    Power of Proximity: How Egyptian University Students Fall in Love with Their Schools Via Social Media Influencers    Egypt wins Aga Khan Award for Architecture for Esna revival project    EHA launches national telemedicine platform with support from Egyptian doctors abroad    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    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    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 amid U.S.-China trade jitters
Published in Amwal Al Ghad on 21 - 09 - 2019

Asian markets rose on Friday as investors digested a series of developments overnight on the U.S.-China trade front that dampened hopes of a deal being reached between the two economic powerhouses.
Mainland Chinese stocks were higher on the day, with the Shanghai composite rising 0.24 percent to about 3,006.45 and Shenzhen component gaining 0.29 percent to 9,881.25. The Shenzhen component added 0.162 percent to approximately 1,675.35. Hong Kong's Hang Seng index was 0.16 percent lower, as of its final hour of trading.
The People's Bank of China published its new loan prime rates (LPR) on Friday. The 1-year loan prime rate was cut to 4.2 percent, as compared to 4.25 percent a month ago, while the 5-year loan prime rate was unchanged from the previous month at 4.85 percent.
The LPR is the interest rate that banks charge their most creditworthy customers and a revamp was announced by the Chinese central bank in August in a bid to lower borrowing costs to boost the country's economy.
Elsewhere, the Nikkei 225 in Japan rose 0.16 percent on the day to 22,079.09 while the Topix index closed less than 0.1 percent higher at 1,616.23.
Japan's core consumer inflation slowed to a new two-year low in August, rising 0.5 percent in August from a year earlier, and slowing from a 0.6 percent gain in July. It was the slowest pace of increase since July 2017, when the index rose 0.5 percent.
In South Korea, the Kospi advanced 0.54 percent to end its trading day at 2,091.52, while Australia's S&P/ASX 200 closed 0.2 percent higher at 6,730.80.
Overall, the MSCI Asia ex-Japan index was up 0.48 percent.
US-China trade watch
Investors will watch for developments on the U.S.-China trade front following overnight developments. The South China Morning Post reported Thursday that known China hawk and Trump advisor Michael Pillsbury warned the U.S. is ready to escalate the trade war if a deal isn't struck soon, citing an interview in Hong Kong.
Meanwhile, Hu Xijin — editor-in-chief of Chinese state media Global Times — tweeted overnight that China is "not as anxious to reach a deal as the US side thought."
Those developments come as the U.S. and China are expected to hold high-level trade negotiations in the coming weeks, as they seek to reach a deal to end a tariff fight with both sides slapping duties on billions of dollars worth of each other's goods.
"Even if we see a deal on tariffs, we think the tariffs probably will remain higher than where they were before 2017 and all of the other restrictions are going to remain in place as well," Shaun Roache, chief economist of Asia Pacific at S&P Global Ratings, told CNBC's "Squawk Box" on Friday.
"We're talking here about investment restrictions on Chinese firms investing overseas and export controls in some areas of the technology sector," Roache added. "They are as, if not more, important than the tariffs."
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.172 after slipping from levels above 98.4 yesterday.
The Japanese yen traded at 107.80 against the dollar after strengthening from levels above 108.3 in the previous session. The Australian dollar was at $0.6804 after slipping from levels above $0.680 yesterday.
Oil prices rose in the afternoon of Asian trading hours, with U.S. crude futures gaining 0.84 percent to $58.62 per barrel and Brent crude futures adding 0.61 percent to $64.79 per barrel.
Source: CNBC


Clic here to read the story from its source.