Asian stocks lower on impending trade war - 7/5/2018 10:46:33 PM

08 Juillet, 2018, 06:21 | Auteur: Auguste Feret
  • Asian stocks lower on impending trade war - 7/5/2018 10:46:33 PM

On Friday the set to impose a 25 percent tariff on $34 billion worth of Chinese imports.

China equities are edging steadily into bear territory for 2018 as trade war concerns ramp up.

Friday sees the U.S. enacting tariffs on $34 billion of Chinese goods, and according to Reuter's sources, China is set to hit back with their own package of tariffs at midnight Beijing time on the 6th, and equities through the Asia Pacific sessions are continuing their retreat through this week ahead of the tit-for-tat tariff war between the USA and China.

Hong Kong's Hang Seng index also edged higher by 0.18 per cent but China's main market, the Shanghai Composite Index, was fractionally down by 0.09 per cent.

The Nikkei 225 has sunk to a new three-month low at 21,500.00, and support is thin at this area, with April's low at 20,920.00, while a bullish reversal will have to climb back over July's open at 22,180.00 with June's high sitting at 23,000.00.

This drove European auto stocks sharply higher and dragged up wider markets. The Shanghai benchmark has languished recently, losing more than 12 percent over the past two weeks.

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But these could be just the first skirmishes in a trade war between the world's top two economies, with financial markets anxious about a knock-on effect on the wider global economy and the broader trading system.

In New York, traders returned from the July 4 holiday in a relatively bullish mood, pushing the Dow Jones index up almost one percent as they cheered solid United States employment data. The Nasdaq composite added 1.1 percent to 7,586.43.

However, Hikaru Sato, senior technical analyst at Daiwa Securities, said the market "has already factored in" this stage of the US-China trade battle and is looking towards the next spat. It has been expected to strike back with tariffs on a similar amount of USA exports including soybeans. "If this moves off the tit-for-tat battleground into a full out trade war, it will not only threaten market stability but could compromise relations between Washington and Beijing".

Benchmark U.S. crude dropped 16 cents to $72.78 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.20 on Thursday. Brent crude, used to price global oils, lost 14 cents to $77.25 per barrel in London. It slid 85 cents on Thursday.

The dollar strengthened to 110.67 yen from 110.60 yen while the euro fell to $1.1687 from $1.1691.



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