|Day's range||29,406.20 - 29,944.30|
|52-week range||25,199.86 - 33,484.08|
Tobacco stocks rise on ratings callTobacco stocks were rising Wednesday. European stocks on Wednesday bounced off a nearly three-week low, staging a recovery as traders came to terms with the further deterioration in the trade relationship between the U.S. and China that sent equities world-wide tumbling in the prior session. A measure of calm was returning to equity markets, even though the U.S. and China were still locking horns on trade issues.
Ocado, tobacco stocks rise after analyst commentsShares of BP and rival oil producer Royal Dutch Shell were among Wednesday’s winners in U.K. trade. U.K. stocks rose on Tuesday, with tobacco companies among biggest gainers after a positive broker note, helping London’s blue-chip index bounce off a six-week low that it reached as trade tensions between the U.S. and China escalated. The FTSE 100 index (^FTSE) gained 0.3% to close at 7,627.40, partly recovering from a 0.4% loss on Tuesday.
Japanese equities were heading lower again in morning trade on Wednesday after a tumultuous Tuesday session left the Topix benchmark down 1.6 per cent but Australian stocks were buoyant after ending the ...
Following a weak performance for four weeks, China’s Shanghai Composite Index started this week on a weaker note and declined to two-year low price levels on Tuesday. Maintaining the weakness, the Shanghai Composite Index opened lower on Tuesday. However, the Shanghai Composite Index rebounded amid increased buying pressure and closed the day with limited gains.
Yi Gang, governor of the People’s Bank of China, on Tuesday evening called for investors to “stay calm and rational” and pledged that the central bank would “ensure liquidity and reasonable stability” after the Shanghai benchmark had dropped to a near-two-year low. The PBoC also injected a net Rmb40bn ($6.2bn) into China’s financial market on Wednesday morning, according to Reuters data. Chinese media also highlighted that dozens of mainland companies had pledged share buybacks, saying that this also helped stabilise stock prices.
Chinese equities slowed their descent on Wednesday in response to an outpouring of support from top officials and local media, which sought to reassure spooked investors in the wake of a sell-off prompted by new tariff threats out of Washington. The fall on Tuesday came in response to President Donald Trump ordering his administration to draft plans for tariffs on a further $200bn in Chinese imports should Beijing follow through on retaliatory tariffs planned in response to US duties on imports announced last week.
China-focused stocks were mixed as fears of a US-China trade war persisted and a stronger yen appeared to weigh on Japanese equities, with other equities benchmarks in the region notching decent gains. The Shenzhen Composite was up 0.4 per cent, however.
Demand for haven currencies is waning, as is pressure on their emerging market counterparts, which were hit hard during the flight from risk. Among emerging market currencies, South Africa’s rand is 1.1 per cent stronger and Mexico’s peso is firmer by 0.7 per cent.
The top White House trade adviser, Peter Navarro, says Beijing "may have underestimated the resolve of President Donald J. Trump" by refusing to meet U.S. demands on trade and by threatening to retaliate against American trade sanctions. Navarro, known for his hard-line approach to China, still says the U.S. is open to talks to resolve the dispute before it imposes tariffs on up to $450 billion in Chinese products. Navarro also disputes any notion that the trade standoff would damage the broader relationship with China.
China’s Shanghai Composite Index declined last week for the fourth consecutive trading week. China’s markets were closed on Monday for the Dragon Boat Festival holiday. Carrying forward the weakness, the Shanghai Composite Index opened lower on June 19 and declined to two-year low price levels.
share index fell to a two-year low, while the offshore renminbi hit a five-month trough against the dollar. “This tells us that, firstly, the market is still quite complacent about the effect of a trade war on the renminbi and/or the market still doesn’t believe recent developments will escalate and is hoping cooler heads will prevail,” she said.
if Beijing does not abandon its intention to retaliate against US duties on imports announced last week. In a statement issued late on Monday, Mr Trump said he had asked US trade officials to identify the further $200bn in goods from China to be subject to a 10 per cent tariff, and that he was prepared to impose tariffs on an additional $200bn beyond that. The US move marked a further escalation in the trade conflict between Beijing and the Trump administration, which have both already imposed tariffs on steel, aluminium and some agricultural goods and each promised further duties on $50bn in trade. China’s commerce ministry claimed the latest threat from Mr Trump was “blackmail” and warned of “strong countermeasures”.
The Hang Seng index was off 1.3 per cent in early trading in Hong Kong, at its lowest since early May, while the Hang Seng China Enterprises index sank 1.6 per cent. The CSI 300 index of major Shanghai and Shenzhen linked stocks dropped 1.4 per cent. All three were resuming trade after a long weekend due to a market holiday on Monday. On Wall Street overnight, the S&P 500 slipped 0.2 per cent and the tech-heavy Nasdaq Composite ended little changed as the mood across markets remained unsettled by concerns about a further escalation of trade tensions between the world’s two biggest economies.
China’s Shanghai Composite Index declined in four out of five trading days last week and clocked the fourth consecutive weekly loss. Liquidity concerns in the market, weaker-than-expected economic data, and fears about a trade war with the US weakened China’s market sentiment last week. China’s markets are closed on Monday for the Dragon Boat Festival holiday.
China’s Shanghai Composite Index closed lower on Thursday and clocked the second consecutive daily loss. Carrying forward the weakness, the Shanghai Composite Index opened lower on Friday and declined to 20-month low price levels.
SEOUL, South Korea (AP) — Global stock markets were mostly lower on Friday as U.S. President Donald Trump's approval of a plan to impose tough tariffs on China renewed concerns about trade friction.
It also follows Mr Trump’s decisions in recent weeks to begin levying tariffs on steel and aluminium imports from Canada, the EU and Japan, provoking a rift with G7 allies. The Hang Seng index in Hong Kong was flat.
The rebound in China’s markets on Tuesday was short lived. China’s Shanghai Composite Index resumed the downfall on Wednesday. Carrying forward the weakness, the Shanghai Composite Index opened lower on June 14 and closed the day at two-week low price levels.
SEOUL, South Korea (AP) — Global stocks slumped Thursday after the U.S. Federal Reserve raised its key interest rate and said it would pick up the pace of future increases. Eyes are now on the European Central Bank, which is discussing Thursday when it might end its stimulus program.
Asian stock markets finished lower Thursday after the U.S. Federal Reserve indicated two more rate hikes are coming later this year, and as Chinese economic data missed expectations.
The People's Bank of China on Thursday decided not to follow the U.S. Federal Reserve in raising interest rates, defying expectations that the Chinese policy makers would follow their usual pattern and ...
Shares of Chinese telecommunications giant ZTE Corp rose as much as 3.7 percent in Hong Kong on Thursday, after the firm proposed a $10.7 billion financing plan and the nomination of eight new board members. China's No.2 telecom equipment maker, which just agreed to a $1.4 billion settlement with the U.S. government to be pardoned from a supplier ban, saw its Hong Kong-listed shares rise to HK$15.52 in morning trade, outperforming the benchmark Hang Seng Index that dipped slightly. A day earlier, ZTE's Hong Kong-listed shares had plunged 41 percent, their biggest decline in history, as the stock resumed trading after being suspended for almost two-months due to the U.S. ban that threatened to put it out of business.
raised interest rates by 25 basis points, as expected, and signalled two further increases this year — one more than it had previously forecast. for the US economy, forecasting real gross domestic product growth in 2018 of 2.8 per cent. Its estimates for 2.4 per cent growth in 2019 and 2 per cent in 2020 were left unchanged. Harm Bandholz, chief US economist at UniCredit, said he agreed with the Federal Reserve’s upbeat economic outlook for the next four quarters or so, but was more cautious regarding the outlook for the second half of 2019 and 2020.
Telecommunications equipment maker ZTE fell around 40 percent in Hong Kong as its shares resumed trade. Telecommunications equipment maker ZTE fell around 40 percent early in Hong Kong Wednesday trading hours after its shares resumed trade there and in Shenzhen. In a filing , ZTE said it will pay a $1 billion lump sum payment to the U.S. government as part of a settlement agreement, as well as an additional $400 million in escrow.
Asia-Pacific equities were broadly lower on Wednesday as markets shrugged off the historic Trump-Kim summit and investor focused turned squarely to a series of meetings from the major central banks. The S&P/ASX 200 in Sydney was also off 0.5 per cent, though buoyed by a more than 24 per cent gain for Australian gas pipeline company APA Group after Hong Kong’s CK Infrastructure Holdings made an offer for the company at 33 per cent premium to its closing price on Tuesday.