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Asian equities deflate on dismal China trade
On Tuesday, Asian equities stood still because gloomy Chinese trade data overshadowed the otherwise positive outlook on global surge, leaving currencies as well as commodities tamed in summer doldrums.
MSCI's index of Asia-Pacific stocks gave up moderate early revenues to be barely changed, although it was still influenced by its recent decade maximum.
In South Korea, financial markets sank 0.2%, while Japan's Nikkei relieved 0.3%. In China, key markets went down in thin trade.
As Beijing informed, in July, both the country’s exports and imports ascended much less than expected, thus spoiling a run of better numbers from the Asian key economy, which had powered optimism on global surge as well as a soar in industrial commodity prices.
This week Ratings agency Fitch raised its outlook for the world economy for 2017 and 2018.
Meanwhile, on Wall Street, the Dow edged up 0.12%, the S&P 500 gained 0.16%, while the Nasdaq acquired 0.51%.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.