March 18, 2019

Asian shares fall as lift from U.S.-China trade truce ends

07 December 2018, 02:42 | Hattie Nash

U.S. West Texas Intermediate crude futures were at US$ 52.60 up 3.2%. International Brent crude oil futures were up 2.6% at US$ 61.01 a barrel

U.S. West Texas Intermediate crude futures were at US$ 52.60 up 3.2%. International Brent crude oil futures were up 2.6% at US$ 61.01 a barrel

Trump agreed to postpone new tariffs on Chinese imports by 90 days and Xi said China would purchase "a not yet agreed upon, but very substantial" amount of U.S. goods and label Fentanyl a controlled substance.

Moreover, none of the commitments that US officials said had been given by China, including reducing its 40 per cent tariffs on autos, were agreed to in writing and specifics had yet to be hammered out.

Telecommunications equipment giant ZTE, which was temporarily banned by the United States from buying parts from American suppliers for three months this year, continued to be positive ending up 0.72 per cent to HK$16.86, though gains were marginal in comparison to its 7.9 per cent jump on Monday.

Still, major US indexes closed below their highs from earlier in the session.

And on Sunday the United States president said Beijing had agreed to cut tariffs on auto imports.

China and the United States agreed over the weekend not to impose additional trade tariffs for at least 90 days while the pair holds talks to resolve existing disputes
Asian shares fall as lift from U.S.-China trade truce ends

The so-called "inversion" of the yield curve is the first since the beginning of the financial crisis in 2007 and to many investors sounded an alarm about a looming USA economic slowdown.

U.S. West Texas Intermediate (WTI) crude futures were at US$ 52.60 per barrel at 0032 GMT, up US$ 1.67 per barrel, or 3.2 percent from their last close.

And Stephen Innes, head of Asia-Pacific trade at OANDA said there was "complete confusion" over details of the Trump-Xi deal. The announcement of the trade truce boosted both the Shanghai Composite Index and the Hang Seng Index by as much as 2.6 percent each.

Emerging market currencies, which have suffered in recent months amid increased trade-related tensions, advanced and MSCI's index for emerging currencies.MIEM00000CUS was up 0.6 percent.

KEEPING SCORE: Japan's Nikkei 225 index shed 1.0 per cent to 22,356.80 and the Kospi in South Korea lost 0.5 per cent to 2,120.65.

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Other top US employers included Zoom Video Communications , Procore Technologies , and Boston Consulting Group. The company that topped the list scored 4.5 and the company that ranked 50th still scored 4.2.

Price gains of more than two dollars a barrel were pared back after Qatar said it would leave OPEC next year as it looks to concentrate on its gas production, though it would continue to pump crude.

BREXIT: The pound has spiked higher after a top official at the European Union's highest court advised that Britain can unilaterally change its mind about leaving the EU.

The advocate general's advice is non-binding, but the prospect of a route out of the Brexit process cheered the market, even as Prime Minister Theresa May pressed ahead with plans for a parliamentary debate on her proposed divorce deal.

Germany's 10-year government bond, the benchmark for the euro area, initially rose four basis points to 0.347 percent DE10YT=RR , then eased to 0.3 percent.

Notable on Tuesday was Hong Kong developer Rivera Holdings which soared 54.5 per cent during the day to 85 HK cents, its highest level since July 1988, before later trimming gains to end at 58 cents. Against the dollar, the pound fell to its lowest since October at US$1.2708, down almost 0.7 per cent from the day's highs.

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She said: "As a university graduate, I know the personal feeling of pride and excitement that comes with attending university". Markle appeared at the event dressed down, showing her growing baby bump in a black t-shirt.

In pre-market Wall Street trading, Apple shares were down nearly 2 percent after leading the rally on Monday.

The dollar had come under pressure last week when comments by Federal Reserve Chair Jerome Powell were interpreted by markets as hinting at a slower pace of rate hikes.

But the hearing is expected to be postponed to Thursday because major exchanges will be closed on Wednesday in honour of former U.S. President George H.W. Bush, who died on Saturday at the age of 94. One of the company's suppliers, Cirrus Logic, trimmed its revenue outlook, more evidence that the latest iPhones are not selling well.

The yen gained 0.6 percent to 112.94 yen per dollar. It ticked up $2.23 to $61.69 a barrel in London.

Kevin Hart steps down as Oscars host over anti-gay tweets
In an earlier post Thursday, Hart wrote on Instagram that critics should "stop being negative" about his earlier anti-gay remarks. I'm in a great place - a great mature place where all I do is spread positivity. "If you're not doing that, get out of my page".

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