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TOKYO, July 18 (Xinhua) – Asian stocks have fluctuated early in the session today, as Wall Street shares fell, suggesting early signs that the China-China trade war could hurt corporate earnings, thereby helping to support the solid demand for sheltered US Treasuries.
The MSCI's largest share of Asia-Pacific shares outside Japan fell slightly, while Japan's benchmark, Nikkei, fell 1, 3% and Australian stocks fell 0.4%.
The South Korean market was down 0.4%. Moments earlier, the Bank of Korea unexpectedly lowered its key rate for the first time in three years, following uncertainties over a trade dispute with Japan, which added to the concern over the economic outlook.
On Wall Street, the three major indexes fell yesterday, weak trading results from CSX Corp. fueled concerns that the protracted US-China dispute could hurt profits for US companies.
Earlier in the week, US President Donald Trump kept pressure on Beijing by threatening to put $ 325 billion in extra duties ($ 1.33 trillion) on Chinese products. the markets were worried about the resumption of face-to-face negotiations.
the the Wall Street newspaper announced that progress towards a trade agreement between the United States and China was stalled, with the Trump government deciding how to respond to Beijing's requests to lift the restrictions imposed on Huawei Technologies.
The Dow Jones Industrial Average fell 0.4%, the S & P 500 0.7% and Nasdaq Composite 0.5%.
Shares of Netflix Inc have fallen into the aftermarket after the world's leading subscription video service has lost US streaming customers for the first time in eight years and missed targets for new subscribers. Abroad, raising concerns in an already nervous market.
"As we enter the third quarter, we are in a very balanced position, characterized by an overly pessimistic bond market and an optimistic stock market. We think we are somewhere between these viewpoints, "said Paras Anand, head of badet management for Asia-Pacific at Fidelity International.
Indeed, treasury yields have fallen, worries over the trade war between the US and China have boosted the demand for safe haven and, after the data showed a weakness in the US housing market.
Yields on the 10-year and 30-year benchmark bonds increased by more than seven basis points each, reaching 2.06% and 2.57%, respectively.
US housing construction fell for a second consecutive month in June and permits dropped to their lowest level in two years, suggesting that the housing market continued to struggle despite lower mortgage rates.
In the foreign exchange market, the dollar has seen slight losses today, weighed down by lower US yields and the rebound of the pound after a 27-month low.
On Wednesday, the International Monetary Fund (IMF) said the US dollar was overvalued by 6% to 12%, based on short-term economic fundamentals.
The US dollar index versus a basket of six major currencies was almost stable at 97.119, after losing 0.2% the previous day.
The euro has not changed much, rising to 0.1285 USD after climbing 0.1% yesterday. The greenback fell 0.3% to 107.660 yen, extending the overnight loss by 0.3%.
The pound remained stable at 1.2433 USD. Overnight, it had fallen to $ 1.2382, its lowest level since April 2017 due to the concerns of a Brexit without agreement.
Precious metals were in demand. The price of gold rose more than 1% yesterday, as US data weaker than expected reinforcing expectations of a reduction in interest rates by the US Federal Reserve later this month. this, causing a fall in the US dollar.
Spot gold was up 1.2% to finish at $ 1,426.60 per ounce. It was last recorded at US $ 1,427.22 per ounce.
The silver medal climbed from about 2.5% yesterday to a peak of more than four months at $ 15.96, extending gains for a fourth consecutive session. The metal was last quoted at 16.06 USD.
Oil futures have fallen today, resulting in losses for a fourth consecutive session after US government data showed a large build-up of refined product stocks.
Brent futures declined by 0.1% to $ 63.62 per barrel, while West Texas Intermediate (WTI) futures declined by 0.3% to $ 56.61 on a daily basis. barrel. – Reuters
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