Nike has dropped to lows unseen since November of 2020 as it faces a boycott in China over Xinjiang's cotton issues.
Asian equities tack on
On Monday, Asian equities started the new quarter with mild revenues following a sturdy performance by global stocks the previous week. Meanwhile, the evergreen buck stood still ahead of major economic indicators.
MSCI's index of Asia-Pacific equities inched up 0.3%.
In South Korea, KOSPI managed to ascend 0.6% and Japan's Nikkei rallied 0.55%. Additionally, the Hang Seng surged 0.25% in Hong Kong, while Shanghai added 0.4%.
Last Thursday, Wall Street gained because technology equities managed to rebound, concluding a chaotic first quarter on a high note. As a matter of fact, a great number of key financial centers were unavailable due to the Good Friday Easter holiday.
Besides this, the previous week MSCI's world stock index concluded up 1.2%. However, it lost approximately 1.5% during the first quarter. It was pushed away from record maximums because tensions over global trade stepped up, turmoil in the White House worsened and market-leading technology companies fluctuated on concerns of regulation as well as other issues.
While worries of an all-out global trade conflict that gripped the financial markets the previous month have relieved a bit, tensions between China and America over tit-for-tat duties kept traders on edge.
On Monday, China imposed extra duties on American products including wine, frozen pork as well as certain nuts and fruits, responding to American duties on imports of steel and aluminum.
The evergreen buck stood still showing a result of 106.340 yen. As for the common currency it was nearly intact sticking to $1.2327.
The US currency had rallied approximately 0.6% versus a basket of six key currencies the previous week underpinned by a number of factors including evident progress on North Korea issues.
American crude futures edged up 0.4% ending up with $65.21 per barrel, while Brent futures added 0.55% hitting $69.73 a barrel.
Chinese stocks were pressed by the US plans to kick them off US stock exchanges. Alibaba has already plunged by 4% in pre-market hours.
Bitcoin skyrocketed 5% after Tesla’s founder Elon Musk officially announced it will accept the cryptocurrencies as payment.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.