Tuesday, 18 December, 2018

Asia stocks stage relief rally after China-US deal

Asian shares fall as lift from U.S.-China trade truce ends Asian stocks slip on worries over US-China tariffs truce
Rhonda Young | 07 December, 2018, 14:43

Telecommunications equipment giant ZTE, which was temporarily banned by the U.S. 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. Chipmaker AMD jumped 9.3 percent. Europe fared a little better, but London Frankfurt DAX and Paris were all 0.4 to 0.6 percent lower.

The White House also said the existing 10 percent tariffs on $200 billion worth of Chinese goods would be increased to 25 percent if no deal was reached within 90 days.

Moreover, none of the commitments that USA 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.

An inverted USA yield curve also raised concerns about a possible recession.

The rally that we are experiencing goes to show that in spite of the trade tensions between the United States and China is seen as bilateral issues between themselves, that as two major economic powers in the world it does have huge ramifications for global market optimism.

Haley fails in UN bid to condemn Hamas
Haley said that, in an average year, the UN General Assembly votes on a resolution opposing Israel twenty times. Global consensus has been that Jerusalem's status must be negotiated between the two sides.

Analysts expect an inversion of the two-year, 10-year yield curve, which are seen as a predictor of a United States recession, to follow suit.

Oil prices, battered by concerns the trade war would hit demand for the commodity, rebounded on the truce news - but like share prices, early gains soon lost momentum.

"Post G-20 sentiment is a bit more positive than expected", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

However, analysts also said US manufacturing data released on Monday had been reassuringly strong, with new orders a "key driver" in boosting activity.

The risk-on mood saw MSCI's index of emerging-market currencies rise 0.7 per cent, led by China's yuan, which saw its biggest daily gain since February 2016. USA crude was 0.5 per cent higher at $53.23 per barrel. That helped boost shares of European automakers more than 3 percent.

Hawaiian monk seal has eel removed from its nose
A juvenile Hawaiian Monk Seal found itself in a spot of bother earlier this week when a sizeable eel became lodged in its nose. Hawaiian monk seals are a critically endangered species found only in Hawaii, and are protected by both state and federal laws.

The offshore yuan CNH= gained about 1 percent to 6.879, while the Aussie - viewed as a barometer of Chinese growth - was 0.5 percent higher against the greenback. Lawmakers are to vote December 11 on Prime Minister Theresa May's agreement on leaving the European Union.

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. The pound was up 0.7 percent at $1.2811 following the news.

Sterling gave up early gains and dived to its lowest since the end of October as investors dumped the currency on growing concerns about British parliamentary approval for a Brexit deal.

Federal Reserve Chairman Jerome Powell was scheduled to testify on Wednesday to a congressional Joint Economic Committee, but the hearing was postponed because of a national day of mourning for U.S. President George H.W. Bush, who died on Friday.

The dollar originally came under pressure last week on Powell's comments that rates were nearing neutral levels, which markets interpreted as signaling a slowdown in the Fed's rate-hike cycle. Amazon and Apple's market value even went up by 4.9 percent and 3.5 percent, respectively. One of the company's suppliers, Cirrus Logic, trimmed its revenue outlook, more evidence that the latest iPhones are not selling well.

Yasir Shah smashes 82-year-old record
He is the seventh Pakistani bowler to take 200 or more wickets in a list topped by fast bowler Wasim Akram's 414 in 104 Tests. He broke an 82-year-old record on dismissing 200th batsman in the 33rd Test.

Spot gold was flat, trading at $1,231.11 per ounce. Brent crude futures settled at $61.69 a barrel on Monday.

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