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Updated 2:09, Monday 25 June 2018
BEIJING (AP) – Global stock markets sunk Monday and oil prices have been mixed as trade tensions between the US and China have crumbled.
KEEP SCORE: At the start of the session, the German DAX fell 1 percent to 12,456.28 and the London FTSE 100 dropped 0.9 percent to 7,613.16. France's CAC 40 lost 0.7% to 5,347.04. On Friday, the CAC 40 climbed 1.3%, the FTSE 100 1.7% and the DAX 0.5%. On Wall Street, the future of the Dow Jones Industrial Average lost 0.6% and that of the Standard & Poor's 500 Index, 0.5%.
DAY OF ASIA: The Shanghai Composite Index fell 1.1% to 2,859.34 and the Hong Kong Hang Seng lost 1.3% to 28,961.39. The Tokyo Nikkei 225 lost 0.8% to 22,338.15 and the Seoul Kospi was stable at 2,357.88. The Sydney S & P-ASX 200 lost 0.2% to 6,210.40 and the Indian Sensex fell 0.3% to 35,600.41. Benchmarks in Taiwan and Southeast Asia declined while New Zealand was unchanged.
TENSIONS BETWEEN CHINA AND THE UNITED STATES: The Wall Street Journal reported that the Trump administration intends to limit Chinese investment in US technology companies and high-tech exports to China. The newspaper, citing unidentified sources, said the initiatives were aimed at preventing Beijing from going forward with plans to develop global competitors in technologies, including biotech and electric vehicles. This follows the threat of President Donald Trump to raise tariffs on Chinese imports worth $ 450 billion compared to complaints from Beijing that steals or lobbies foreign companies for that purpose. They transfer the technology.
CHINA LOANS: Beijing has released about $ 100 billion for additional bank loans in a move that financial analysts have said could help reassure investors shaken by trade tensions with Washington. The reduction in the amount of money that banks must hold in reserve, the second this year, is one of the forecasts that forecasters had anticipated before the dispute over the trade surplus and the policy China's technology bursts. The central bank said the measure was aimed at facilitating debt-for-equity swaps in order to help eliminate a backlog of non-performing bank loans owed by state-owned companies.
ANALYST: "The mild start to the Asian markets seems to have become a recurring theme in recent sessions that saw global stock markets drowning in the gloom of trade tensions," IG's Jingyi Pan said in a report. "The latest reduction in China's rate reserve, although planned, serves as a counterweight to this weak sentiment."
WEEK AHEAD: The United States is expected to announce quarterly economic growth on Thursday. Friday, Japan and South Korea report monthly production of factories and the European Union announces June inflation.
CURRENCY: The dollar fell to 109.48 yen from Friday's 109.97 yen. The euro gained $ 1,1664 against $ 1,1657.
ENERGY: The benchmark US crude gained 20 cents to $ 68.78 a barrel in e-commerce on the New York Mercantile Exchange. The contract jumped from $ 3.04 Friday to $ 68.58. Brent crude, used for the price of international oils, fell 55 cents to 74.78 dollars a barrel in London. He earned $ 2.52 the previous session to close at $ 75.32.
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