Asian markets subtly lower on renewed trade concerns

IC Markets Market Review
IC Markets Market Review

 Global Markets:

  • Asian Stock Markets : Nikkei down 0.31%, Shanghai Composite down 0.25%, Hang Seng down 0.35%, ASX up 0.49%
  • Commodities : Gold at $1405.70 (-0.39%), Silver at $15.66 (-0.10%), Brent Oil at $64.62 (+0.42%), WTI Oil at $57.74 (+0.21%)
  • Rates : US 10-year yield at 2.097, UK 10-year yield at 0.809, Germany 10-year yield at -0.270

News & Data:

  • (USD) Retail Sales m/m 0.40% vs 0.10% expected
  • (USD) Core Retail Sales m/m 0.40% vs 0.10% expected
  • (EUR) German ZEW Economic Sentiment -24.5 vs -22.1 expected
  • (GBP) Average Earnings Index 3m/y 3.40% vs 3.10% expected
  • PBOC Sets Yuan Mid-Point At 6.8827, Versus Prior Close At 6.8760
  • Fitch Affirms Japan at ‘A’; Outlook Stable

Markets Update:

Asian stock markets, with the exception of Australia, are in negative territory on Wednesday following the weak cues overnight from Wall Street amid renewed uncertainty about U.S.-China trade talks and the near-term outlook for interest rates. U.S. President Donald Trump said that U.S.-China trade talks still have a “long way to go” and once again threatened to impose tariffs on another $325 billion worth of Chinese goods.

In mainland China, the Shanghai composite was lower by 0.2% the afternoon, while the Shenzhen component added 0.01%. Hong Kong’s Hang Seng index slipped 0.3%. The Nikkei 225 in Japan fell 0.3% in afternoon trade, with shares of index heavyweight and conglomerate Softbank Group dropping more than 2%. Over in South Korea, the Kospi declined 0.9%, as chipmaker SK Hynix saw its stock fall beyond 1.5%. The Australian market recovered after a weak start and is modestly higher on Wednesday despite the negative cues from Wall Street.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.341, following its rise from levels below 96.9 seen earlier this week. The Japanese yen traded at 108.16 against the dollar, weakening from levels below 108 touched yesterday. In the afternoon of Asian trading hours on Wednesday, oil prices were mixed.

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