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Asian stocks fell after China reduced the daily fixing of the yuan by more than two years, despite signs of intervention by the authorities seeking to stem the weakness of the currency.
Japan, China and Hong Kong shares in India and Australia outperformed. The offshore yuan erased some of the slide that pushed it to its weakest in more than a year against the greenback while traders said that a large Chinese bank was making big bids to sell dollars. The futures on the S & P 500 Index were lower after US stocks suffered moderate losses on Thursday. The dollar has stabilized and Treasury yields have climbed.
Chinese assets are in the fore after the central bank on Thursday set its reference rate for the yuan below 6.7 per dollar, a level previously considered by market players. sand. It was even weaker on Friday. The suggestion that Chinese policymakers are comfortable with depreciation has fueled a debate over the implications for global markets, with the example of the 2015 turmoil looming in investors' minds
. was not thrilled by the rising interest rates of the Federal Reserve, raising the specter of political interference with the US central bank. Meanwhile, the earnings season is in full swing, with a mixed picture so far enough to propel US stocks to the highest level reached in January.
Fred Neumann, co-director of Asian economics at HSBC, discusses the weakening
Source: Bloomberg
Elsewhere, copper fell slightly after the fall of Thursday. Terminal users can follow our Blog Live Markets here
These are the main movements on the markets:
Stocks
- The Topix index of Japan was down 0.6% at 1:15 pm in Tokyo .
- The Australian S & P / ASX 200 index rose 0.3%
- The Kospi index of South Korea gained 0.1%.
- The Hang Seng index of Hong Kong was down 0.5%. The Shanghai Composite slipped 0.1%, falling 0.7%.
- The futures on the S & P 500 index fell 0.2%. The underlying indicator fell 0.4% on Thursday.
Currencies
- The yen rose 0.1% to 112.34 for a dollar
- The yuan fell by 0.4% to 6.8211 after slipping to 0, 7% before
- The euro rose 0.1% to $ 1.1649. ] Bonds
- Ten-Year Treasury Bill yield remained at 2.84%
- Australian 10-Year Government Bond yields declined by about four percentage points base to establish at 2.62%.
Raw Materials
- West Texas Intermediate crude oil rose 0.4% to $ 69.75 per barrel
- Gold fell 0.3% to $ 1,219.61 l / # 39 ounce
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