Asian markets at three-and-a-half month lows

IC Markets Market Review
IC Markets Market Review

Global Markets:

  • Asian Stock Markets : Nikkei down 0.47%, Shanghai Composite down 0.16%, Hang Seng down 1.60%, ASX down 0.88%
  • Commodities : Gold at $1299.55 (-0.17%), Silver at $14.80 (+0.14%), Brent Oil at $70.47 (+0.34%), WTI Oil at $61.17 (+0.21%)
  • Rates : US 10-year yield at 2.417, UK 10-year yield at 1.092, Germany 10-year yield at -0.060

News & Data:

  • (NZD) Visitor Arrivals m/m 2.50% vs -1.60% previous
  • (JPY) Leading Indicators 96.30% vs 96.40% expected
  • (AUD) Home Loans m/m -2.50% vs 2.20% expected
  • Monsanto must pay couple $2bn in largest verdict yet over cancer claims
  • China’s offshore yuan weakest since December after Beijing adds tariffs

Markets Update:

Asian stock markets are mostly lower on Tuesday, extending losses from the previous session following the overnight sell-off on Wall Street amid worries about rising U.S.-China trade tensions.

China has announced tariffs on about $60 billion worth of U.S. goods in retaliation for the U.S. decision to raise tariffs on about $200 billion worth of Chinese imports. The U.S. Trade Representative’s Office said it plans to hold a public hearing in June on the possibility of raising duties of up to 25 percent on a further $300 billion worth of imports from China. Meanwhile, U.S. President Donald Trump said he would meet with Chinese President Xi Jinping next month.

Mainland Chinese shares slipped by the afternoon, with the Shanghai composite lower by 0.2% and the Shenzhen component traded flat. Hong Kong’s Hang Seng index fell 1.6% as shares of Chinese tech giant Tencent dropped more than 2%. The Nikkei 225 in Japan fell 0.5% in afternoon trade, with shares of index heavyweight and conglomerate Softbank Group plunging more than 5%. The Topix index also slipped 0.5%. In South Korea, the Kospi bucked the overall trend to rise nearly 0.2%. Australia’s ASX 200 slipped 0.9% as most sectors declined.

As investors flocked to safe-haven assets, U.S. Treasury yields remained near six-week lows early on Tuesday, though they moved higher following Trump’s comments. Benchmark 10-year Treasury notes last yielded 2.4157% compared with a U.S. close of 2.405% on Monday.

After earlier falling against the yen, the dollar strengthened 0.25% against the Japanese currency to 109.57. The single currency was up about 0.1% on the day at $1.1238, while the dollar index, which tracks the greenback against a basket of six major rivals, was nearly unchanged at 97.313. Elsewhere, gold gave up gains after earlier rising amid broader market jitters. Spot gold was flat at $1,299.35 per ounce.

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