- Asian Stock Markets : Nikkei down 0.25%, Shanghai Composite down 0.68%, Hang Seng down 1.31%, ASX down 0.46%
- Commodities : Gold at $1258.60 (+0.41%), Silver at $16.11 (+0.42%), Brent Oil at $78.11 (+0.45%), WTI Oil at $74.53 (+0.53%)
- Rates : US 10-year yield at 2.833, UK 10-year yield at 1.243, Germany 10-year yield at 0.291
News & Data:
- (CNY) Caixin Services PMI 53.9 vs 52.7 expected
- (AUD) Trade Balance 0.83B vs 1.21B expected
- (AUD) Retail Sales m/m 0.40% vs 0.30% expected
- (NZD) GDT Price Index -5.00% vs -1.20% previous
- (GBP) Construction PMI 53.1 vs 52.6 expected
- (AUD) Cash Rate 1.50% vs 1.50% expected
- IMF Executive Board Concludes Article IV Consultation with the United States
- Leaked documents show China’s game plan to drive a wedge into Trump’s base using targeted tariffs
- Malaysia 1MDB: Ex-PM Najib is charged with corruption
Asian stocks declined on Wednesday, with China markets failing to sustain late gains notched in the last session as trade jitters continued to simmer ahead of a deadline when tariffs are due to take effect. The yuan stabilized after China’s central bank moved to calm nervous investors.
In Japan, the Nikkei 225 traded lower, with the electric appliances sector among the worst performing in the afternoon; followed closely by semiconductors. South Korean stocks failed to hold onto early gains, while in Australia, the S&P/ASX 200 edged down by more than half a percent amid broad-based weakness.
Meanwhile, Hong Kong’s Hang Seng Index fell more than 1 percent, extending the previous session’s losses, with the heaviest losses seen in the energy, real estate and materials sectors. On the mainland, the Shanghai composite tracked lower once again, falling 0.68 percent after recording late gains in the previous trading session.
Major currencies were treading water as traders fretted about the fallout of the intensifying trade frictions between Washington and the rest of the world. Oil prices were supported as larger-than-expected fall in U.S. stockpiles data from the American Petroleum Institute confounded worries about supply shortage. Copper, on the other hand, hit nine-month lows on Tuesday on worries trade frictions could slow down global growth.
- 08:15 AM GMT – (EUR) Spanish Services PMI
- 08:45 AM GMT – (EUR) Italian Services PMI
- 08:50 AM GMT – (EUR) French Final Services PMI
- 08:55 AM GMT – (EUR) German Final Services PMI
- 09:00 AM GMT – (EUR) Final Services PMI
- 09:30 AM GMT – (GBP) Services PMI
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