Pound surges as post-Brexit transition deal sealed
LONDON: The pound rose Monday after Britain and the EU reached a landmark deal on a two-year transition after Brexit ...
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Tokyo stocks hit by Abe worries, with most Asia markets down
HONG KONG: Tokyo led losses across most Asian markets Monday as Japanese Prime Minister Shinzo Abe’s political future hangs in ...
Read more‘Wobbly’ global stock markets attempt recovery
LONDON: World equities made an attempt at recovery Thursday, with investors trying to focus on positive economic news rather than ...
Read moreGlobal stocks mostly fall as trade worries take their toll
NEW YORK: Global stocks mostly fell Wednesday as rising anxiety over the risk of a trade war took its toll ...
Read moreWorld stocks soften on trade tension, White House shakeup
LONDON: European and US stocks were mostly lower Wednesday, relinquishing early gains, as global tensions over trade took their toll ...
Read moreRising U.S. Exports Dampen ING’s Oil Outlook
Investing.com - staged a surprise rally in January, but could slump the rest of the year. That's the forecast of ...
Read moreAsian markets slump on fears of White House foreign policy shift
HONG KONG: Asian markets tumbled on Wednesday as news that Donald Trump had replaced his moderate secretary of state with ...
Read moreAsian markets slump on fears of White House foreign policy shift HONG KONG: Asian markets tumbled on Wednesday as news that Donald Trump had replaced his moderate secretary of state with a hawk fanned fears of instability in the White House and a more hardline approach to foreign affairs. News that Rex Tillerson had been sacked rattled US equities, which had been buoyed earlier Tuesday by a soft inflation report that tempered talk of a sharp rise in interest rates. The former oilman had been seen as taking a more pragmatic line on various issues, particularly on global trade and the Iran nuclear agreement. He will be replaced by CIA chief Mike Pompeo, who is an advocate of taking a hardline with China on trade and Iran. Adding to the unease on trading floors were reports Trump is considering hitting China over alleged intellectual property theft, with an announcement on tech sector tariffs said to be lined up for as soon as next week. “The significance of a shift to a global trade and foreign policy hawk with the US on course for a trade showdown with China and diplomatic negotiations with North Korea, is very significant suggesting the US is readying for hardball negotiations,” said Stephen Innes, head of Asia-Pacific trading at OANDA. The move, which had been expected in some quarters, comes after Trump’s pro-markets top economics advisor stepped down this month over controversial metals tariffs. Tillerson marks the latest in a string of senior members of the administration to resign in 14 tumultuous months and reinforces a sense of uncertainty on Pennsylvania Avenue. – ‘Some work to do’ – ===================== “Markets one day may become exhausted if the staff turnover and perceived White House instability continues,” Terry Haines, a senior political strategist at Evercore ISI, wrote in a note. “Trump and the administration will have some work to do to reassure markets.” All three main US markets ended lower and Asia followed suit. Tokyo fell 0.9 percent, while Hong Kong shed more than one percent and Shanghai sank 0.6 percent. Sydney lost 0.7 percent, Singapore fell 0.5 percent and Seoul was off 0.4 percent while Wellington, Manila and Taipei also fell. The news overshadowed data showing US inflation eased in February from January, which helped to wind back concerns that the improving economy was pushing the Fed to lift borrowing costs four times this year rather than the three earlier thought. Those figures, combined with the Tillerson sacking, sent the dollar lower against the yen and pound, with sterling also getting support from improving British economic forecasts. And on Wednesday traders continued to sell the greenback against all its major peers as well as most high-yielding currencies. “The dollar sell-off can be attributed to the combination of lower (inflation) and the White House revolving door syndrome that exudes little confidence in the administration,” Innes said, adding that “the moves in equities suggest investors are bracing for more worrying protectionist headlines”. – Key figures around 0710 GMT – =============================== Tokyo – Nikkei 225: DOWN 0.9 percent at 21,777.29 (close) Hong Kong – Hang Seng: DOWN 1.3 percent at 31,203.42 Euro/dollar: UP at $1.2400 from $1.2387 at 2100 GMT Pound/dollar: UP at $1.3973 from $1.3965 Dollar/yen: DOWN at 106.50 yen from 106.56 yen Oil – West Texas Intermediate: DOWN nine cents at $60.62 Oil – Brent North Sea: DOWN 19 cents at $64.45 per barrel New York – Dow: DOWN 0.7 percent at 25,007.03 (close) London – FTSE 100: DOWN 1.1 percent at 7,138.78 (close)
HONG KONG: Asian markets tumbled on Wednesday as news that Donald Trump had replaced his moderate secretary of state with ...
Read moreUS, European stocks fall on trade war worries
NEW YORK: US and European stocks fell Tuesday on growing worries about a trade war as President Donald Trump replaced ...
Read moreAsian markets rally wobbles as eyes turn to US inflation data
HONG KONG: Asian markets moved cautiously Tuesday as the recent rally sputtered as profit-takers moved in, while trade tensions returned ...
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