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Friday 06.30 BST
What you need to know
- Asian markets hold up
- Trump claims 500 billion dollars in outstanding tariffs
- China promises to retaliate [19659004] Oil is mixed after US data [19659007] Main quote
"And after the $ 200 billion, we left $ 300 billion outstanding, OK?", Said US President Donald Trump at A visit to the US state of Montana. Markets focused on China rebounded and shares in the Asia Pacific region broadly increased on Friday after the entry into force of US tariffs on $ 34 billion of Chinese imports.
Imports of $ 34 billion from China at midnight Washington, DC, on Thursday, a move that dramatically worsens the trade war between the two largest economies in the world and the one that Beijing has promised to 39; match. Kong, the Hang Seng China Enterprises index of Chinese large-cap companies in Hong Kong rose 1%, while the Hang Seng index rose 0.9%. The CSI 300 index of the main shares of Shenzhen and Shanghai rose by 1.3%, after having reached its lowest point since January 2017.
These indices had all progressed at the beginning of the session, but at noon , the HSCE fell by 0.7%. the CSI 300 fell by 0.1% and the Hang Seng by 0.5%.
At the same time, the S & P / ASX 200 in Sydney was up 0.9% and the Topix 1.3%
In the foreign exchange markets, the Chinese renminbi's onshore exchange rate exchange in a 2% range China and the United States have prepared other lists of products, bringing the trade covered by imports to $ 50 billion for each country. Mr Trump ordered the authorities to consider 200 billion additional Chinese imports for additional customs duties, a move that Beijing has again promised to match.
And a few hours before US customs officials begin to collect the new tariffs. he was ready to impose duties on imports from China worth $ 500 billion.
China "must respond" after tariffs imposed by the United States, announced Friday the Ministry of Commerce. effect. The Chinese Customs Administration said Thursday that retaliatory tariffs would take effect immediately.
US companies are already feeling the impact of the trade war. "Even though our 900 companies continue to suffer from unequal opportunities in China, they remain extremely clear: the increased trade tensions in Sino-US economic relations will have a negative impact on their operations in China," the statement said. American Chamber of Commerce. China's President William Zarit
Analysts were pretending to be cautious. Sean Callow, senior currency strategist at Westpac, noted that the markets had enough time to set rates, but pointed out that it seemed "far too optimistic to simply dismiss this phase of US tariffs" and China ". warning of more upcoming fares, said Mr Callow. "We should take this threat very seriously, given Trump's long-standing views on trade, his protectionist campaign promises and polls indicating that his electorate is staying with him in the half-time period of November."
was preparing for the collapse of the Chinese and Hong Kong markets when China retaliated against the United States. "In general, the market did not realize that tariffs were affecting not only the goods but also the supply chain," Ms. Pang said.
"Now, investors need to realize that the Trump Administration's opinion, I'm losing" is not only applicable to China, but to its other trading partners "said JPMorgan Asset Management strategist Tai Hui. Overnight on Wall Street, US stocks rose as the market returned after the July 4th holiday and confidence improved, a sign that Trump could drop rates. on the European automotive sector in exchange for concessions.
Forex and Fixed Income
The dollar index, measuring the greenback against a basket of peers, was 0.1% lower The Japanese yen, a haven at the time of market uncertainty was 0.1% lower at ¥ 110.72. 19659011] The Chinese onshore renminbi, which trades in the 2 per cent range in both directions, was 0.3 per cent lower against the dollar at 6.656 RMB.
The New Zealand dollar was up 0.2% to 0.6799 dollars and the Australian dollar up 0.7% to 0.7394 dollars.
Sovereign debt markets were similarly undisturbed. US 10-year Treasury yields rose 1 basis point to 2.84 percent, Japan's to 0.023 percent, and Australia's to 2.608 percent.
Commodities
Oil prices were mixed after falling overnight on data showing rising inventories in the United States. Brent Brut, the international benchmark, was down 0.1 percent at $ 77.33 a barrel. The West Texas Intermediate of the United States was up 0.2% at $ 73.08 per barrel.
"The market ignored worries of political pressure after [Mr Trump] once again asked Opec to reduce oil prices by increasing its production," ANZ analysts said. "However, Saudi Arabia has subsequently reduced prices for its customers for most categories in Asia, Europe and the United States."
Gold was down 0.3 percent to $ 1,254 an ounce
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