Beijing ‘angered’ as 2 USA warships enter S. China Sea - spokeswoman
12 Февраля 2019, 12:37 | Glen Norman
President Donald Trump gestures near Chinese Vice Premier Liu He at the White House
This week, China and the United States are planning a new round of trade talks in Beijing. "China trade talks." After those comments, the Dow Industrials fell into a downward spiral of around 300 points.
MSCI's broadest index of Asia-Pacific shares outside Japan was a tad weaker after it was toppled from a four-month top on Friday. The worry is that a protracted Sino-U.S. tariff row could severely hurt corporate earnings globally.
The rising military tension comes against the backdrop of an increasingly bitter trade war between China and the US.
Speaking about the most recent operation, Commander Clay Doss, a spokesman for the U.S. Navy's 7th Fleet, told CNN that the action was meant to "to challenge excessive maritime claims and preserve access to the waterways as governed by global law".
Two U.S. guided-missile destroyers on Monday sailed near the Chinese manmade island of Mischief Reef in the South China Sea, the location of several territorial conflicts that have raised tensions in the region.
This week's talks come as the world's two largest economies try to hammer out a deal before a March 1 deadline, after which USA tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent.
Safe-haven bonds and the dollar have gained amid the prolonged uncertainty.
The greenback rose 0.1 percent against the yen to 110.47 and was a touch higher versus the Swiss franc at 1.0040. Last week, the European Commission sharply cut its forecasts for euro zone growth for this year and next.
USA benchmark 10-year notes last fell 7/32 in price to yield 2.6554 percent, compared with 2.63 percent late on Friday.
The Australian dollar, often considered a gauge of global risk appetite, gained around 0.3 percent to $0.7083 as risk sentiment improved on expectations that USA lawmakers had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday.
"The dollar is benefiting from the investor nervousness around the trade talks", said Sim Moh Siong, currency strategist at Bank of Singapore.
Markets will closely watch earnings from major US companies including Coca-Cola Co, PepsiCo Inc, Walmart Inc, Home Depot Inc, Macy's Inc and Gap Inc for further clues about the health of the consumer sector.
Analysts are now expecting U.S. corporate earnings for the current quarter to drop 0.2 percent from previous year, which would mark the first contraction since the second quarter of 2016. That would be the first such quarterly profit decline since 2016, according to IBES data from Refinitiv.
Oil prices held near recent ranges with gains capped by concerns about slowing global demand.
USA crude futures traded at $52.55 per barrel, up 0.27 percent.
The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since January 24.
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