China's US Treasury holdings lowest since 2017

18 Mai, 2019, 04:48 | Auteur: Auguste Feret
  • Wall Street hammered by China's plan to retaliate on trade

The yen dropped and the yuan rose.

In turn, China responded by imposing tariffs as high as 25 percent on nearly 2,500 USA goods, worth a combined $60 billion in annual exports.

The offshore yuan clawed back some of Monday's slump, as did S&P 500 futures, after President Donald Trump said he has a feeling that talks with China will be "very successful". Chinese shares had modest losses. Futures signal weaker equities in Hong Kong and China when markets open there.

The yuan's advance came after a front-page article in a newspaper backed by the People's Bank of China cited analysts saying that the currency won't weaken continuously or by a large amount.

"Our expectation is that an agreement is made, but the challenge then becomes the governance of that agreement", Liam Spillane, head of emerging-markets debt at Aviva Investors, said in an interview in Sydney.

In March, China's Treasury holdings fell by $10.4 billion to $1.12 trillion, the lowest level since May 2017, according to Treasury Department data released Wednesday.

"Investors are trying to figure out how much of the rally that we had this year was perhaps celebrating prematurely hopes of a trade deal". The new penalties also took aim at American farmers, driving down soybean and cotton prices. -China trade dispute will push the Federal Reserve into lowering interest rates.

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Elsewhere, oil stabilized around $61 a barrel after climbing earlier on concerns about rising tensions in the Persian Gulf.

Earnings this week include Vodafone, Alibaba, Tencent, Cisco, Nvidia. Kansas City Fed President Esther George and Richmond Fed President Thomas Barkin also make appearances.

Japan's Topix index lost 0.6% as of 2:06 p.m.in Tokyo.Australia's S&P/ASX 200 Index dropped 0.9%.South Korea's Kospi index was flat.

A statement published by China's Ministry of Finance on Monday said the increase would see 2,493 items hit with a 25 percent tariff, while 20 percent and 10 percent tariffs would apply to 1,078 and 974 items, respectively.

Both the Dow Jones Industrial Average and the S&P 500 index fell by more than 2 percent in early trading on Monday, while the Nasdaq Composite index had lost nearly 3 percent of its value by 11 a.m. ET.

The West Texas Intermediate for June delivery was down 0.62 USA dollar to settle at 61.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery fell 0.39 dollar to close at 70.23 dollars a barrel on the London ICE Futures Exchange.

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