On Thursday, Asian stocks went down after losses on Wall Street, although trade was subdued due to the fact that market participants waited for business polls in the European Union and were mostly on the sidelines ahead of the long Easter weekend holiday…
Asian equities ascend on diving Yuan
On Friday, Asian stocks concluded the trading session generally up, underpinned by a sag in the Chinese Yuan versus the evergreen buck, although trade uncertainty kept putting pressure on global markets.
The Shanghai Composite Index SHCOMP soared by 2.1%, the Hang Seng HIS gained 0.8% in Hong Kong.
On Friday, the Chinese Yuan managed to reach a one-year minimum versus the evergreen buck after the Chinese government decreased its official exchange rate down by about 0.9%, setting it on 6.7671 per dollar, which is the largest rebound for two years. As a matter of fact, the Chinese Yuan has headed south by 2.3% versus the evergreen buck in July.
A slumping Yuan makes Chinese products more affordable for foreign purchasers, although soaring protectionism around the world could restrict the ability of export-driven companies to derive its full benefits. Moreover, the weaker Yuan also makes it more difficult for China’s businesses to have dollar-denominated debt serviced.
The Yuan’s dive has provoked criticism from Donald Trump. US leader told that raising interest rates along with a stronger greenback makes the US economy less competitive.
Traders are anticipating an extra two rate lifts from the Federal Reserve in 2018.
A stronger greenback reflects investor optimism as for the state of the American economy and also what has been a firm revenue season.
The US-China trade clash has yet to make a powerful impact on the American economy. However, worries as for worsening tensions have suppressed investor sentiment.
US leader told that he was about to slap duties on up to $500 billion of Chinese products. Previously, Donald Trump repeated his threat to impose duties on EU vehicles. In return, the European Union promised to fight back.
The Nikkei NIK dipped by 0.3%. In Korea, Kospi ascended by 0.3%.
On Wednesday, Wall Street's key indexes stood still because a Qualcomm-led soar in chipmakers was compensated by a dive in healthcare shares for the second straight trading marathon, although quarterly gains came in largely positive…
On Tuesday, Asian shares went up, keeping to a nine-month peak because expectations for stabilization in the Chinese economy helped traders to neglect Wall Street's underperformance, which followed downbeat bank gains…
Did Bitcoin manage to recover and what was the hottest news in the crypto and blockchain world? Read and find out!
On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…