Corn sees pause after 7-month high as weather, trade risks weighed
PARIS/SYDNEY: US corn futures held close to a seven-month high on Wednesday as investors weighed up brisk export demand and ...
Read more
Tag: Sydney
Asian 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 more
Australia’s NAB says incentives ‘root cause’ of fraud
© Reuters. The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney By Jonathan ...
Read moreAustralia shares end lower, led by banking, resources stocks; NZ rises
SYDNEY: The material and financial sectors dragged Australian shares lower on Tuesday as commodity prices weakened and a government-backed inquiry ...
Read moreDalian iron ore’s losses deepen as bloated stockpiles weigh
MANILA: Chinese iron ore futures fell further on Tuesday to near their weakest level since November as a mountain of ...
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 ...
Read more
S&P accused of weakening ratings model to win business in landmark Australian lawsuit
© Reuters. The Standard and Poor's building in New York By Tom Westbrook SYDNEY (Reuters) - Ratings agency Standard and ...
Read more
Cash is far from dead and use is rising: BIS
© Reuters. FILE PHOTO: Samsung's new Samsung Pay mobile wallet system is demonstrated at its Australian launch in Sydney LONDON ...
Read more
Asia’s biggest exporters bristle over U.S. tariffs, fanning trade war fears
© Reuters. FILE PHOTO: File picture of workers riding on an motor rickshaw through an aluminium ingots depot in Wuxi ...
Read more
Rubber News
Global Rubber Markets News, Rubber Prices Reports, Rubber Market Analytics & Outlook Reports