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World Asian markets sink as traders fail to take up Wall St baton

07:15  30 april  2021
07:15  30 april  2021 Source:   afp.com

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Asian markets fell Wednesday following a rout on Wall Street , as investors were bombarded by a perfect storm of problems that erased the positivity seen at the start of the week. Trading floors are awash with uncertainty over the agreement Trump hammered out with Xi Jinping to much fanfare -- and an initial market rally -- in Buenos Aires, with little clarity emerging and the US president shifting his tone. While he hailed the deal at first, on Tuesday he warned on Twitter "remember, I am a Tariff Man", adding "When people or countries come in to raid the great wealth of our Nation, I want them to pay

Asian markets mostly fell Tuesday following a sharp retreat on Wall Street fuelled by increasing worries about the global economy, while investors await the Federal Reserve policy meeting this week. Dealers across the world have taken fright over a range of issues including the China-US trade war, falling oil prices, Brexit, political uncertainty, China's stuttering economy and geopolitical tensions. Also weighing on confidence has been the Fed's monetary tightening drive that has seen it lift interest rates through the year, making it more expensive for traders to borrow cash for investment.

Asian markets turned lower Friday as investors struggled to take the lead from a record performance on Wall Street, and following below-forecast Chinese factory data.

a large ship in a body of water: Growth in China's manufacturing activity slowed last month, with officials pointing to a global shortage of shipping containers among other problems © Hector RETAMAL Growth in China's manufacturing activity slowed last month, with officials pointing to a global shortage of shipping containers among other problems

News that US growth had accelerated more than six percent in the first quarter and jobless claims continued to fall to new pandemic-era lows reinforced the view that the recovery in the world's top economy was well on track.

That came after the head of the Federal Reserve had reiterated the bank's commitment to keeping monetary policy ultra-loose until it is satisfied the economy is strong enough.

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Asian markets plunged in early trading Monday, as the trade war between the U.S. and China heated up . On Friday, President Donald Trump raised tensions by announcing he would raise tariffs on 0 billion of Chinese goods to 30% from 25% starting Oct. 1, and hike tariffs on another 0 billion The ongoing trade dispute between Washington and Beijing, and especially its unpredictability, is certain to have damaging effects on Asia . The unpredictability affects the real decisions central banks make on fiscal policy and companies make on their strategies and investments, setting off ripples of uncertainty.

Asian markets went into reverse Wednesday, tracking fresh losses on Wall Street as investors fret about rising US Treasury yields and speculation that interest rates will rise four times this year. "The sudden surge in US yields had already been weighing on equity sentiment, but when you factor in the skid in technology stocks and Caterpillar's less than reassuring outlook, it makes for a very rough day on the trading floor," said Stephen Innes, head of Asia -Pacific trading at OANDA.

In response the S&P 500 hit another record, helped by a string of outsized earnings from tech heavyweights including Apple, Facebook and Google.

But, after a broadly upbeat week Asia was unable to build on the positive run, with most markets in negative territory.

Hong Kong led the losses, with tech firms including JD.com, Meituan and Tencent taking a hit after China ramped up its crackdown on the sector by summoning 13 companies to call for changes to their fintech operations.

The group was told to heed the case of ecommerce titan Alibaba, which was hit with a record $2.78 billion fine by regulators for abusing its dominant market position.

Adding to the selling pressure was a report showing growth in China's factory activity slowed last month, hit by a global shortage of shipping containers, supply chain problems and rising freight rates.

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Asian markets were in retreat Monday on dimming hopes for a deep interest rate cut by the Federal Reserve, but all the firms on a new tech-focused board in China rallied on its opening day. Oil prices extended last week's gains after Iran seized a British tanker in the Gulf, fuelling fresh concerns about supplies and a possible conflict in the tinderbox Middle East. Traders took a step back after last week's gains as the New York Federal Reserve tempered comments from its president, John Williams, who had suggested the central bank would cut borrowing costs by 50 basis points at its policy meeting this

Asian stocks declined Thursday following Wall Street 's rebound amid uncertainty about U.S.-Chinese trade tension. Market benchmarks in Shanghai, Tokyo and Hong Kong declined. Investors were looking for news about the outlook for U.S.-Chinese trade negotiations following confusion over President * Leon Fresco, an immigration attorney, told Axios that the lawsuit is likely to fail at fully reinstating deportations because a judge cannot force Immigration and Customs Enforcement to remove any particular person. * The executive branch has broad authority over immigration enforcement, as was

There were also losses in Tokyo, Sydney, Seoul, Wellington and Manila, though Singapore and Jakarta edged up.

Still, observers remain upbeat about the outlook as vaccinations pick up and lockdowns are eased, while vast sums of government and central bank cash swirls around the economy.

"All evidence still points to continued support from both fiscal and monetary policy against a backdrop of accelerating corporate earnings," Mark Haefele, at UBS Global Wealth Management, said.

"This reinforces our view that markets can advance further, with cyclical parts of the market -- such as financials, energy, and value stocks -- likely to benefit most from the global upswing."

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: DOWN 0.5 percent at 28,908.38 (break)

Hong Kong - Hang Seng Index: DOWN 1.6 percent at 28,848.28

Shanghai - Composite: DOWN 0.7 percent at 3,449.73

Euro/dollar: UP at $1.2120 from $1.2118 at 2130 GMT

Pound/dollar: UP at $1.3947 from $1.3940

Euro/pound: DOWN at 86.83 pence from 86.91 pence

Dollar/yen: DOWN at 108.76 yen from 108.92 yen

West Texas Intermediate: DOWN 0.5 percent at $64.67 per barrel

Brent North Sea crude: DOWN 0.5 percent at $68.25 per barrel

New York - Dow: UP 0.7 percent at 34,060.36 (close)

London - FTSE 100: FLAT at 6,961.48 (close)

dan/mtp

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This is interesting!