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US-China tariffs, oil, currencies

Singapore-Tuesday’s trade restrained markets in the Asia-Pacific region as investors considered the possibility of dismantling US-China trade relations as US president. Joe Biden The idea of ​​reducing tariffs on Chinese products emerged.

Chinese stocks have changed little in early trading. The Hang Seng Index in Hong Kong was 0.43%. Shanghai Composite was flat, but SZSE component index decreased by 0.35%.

in Japan, Nikkei 225 Topix fell by 0.34%, but fell by 0.42%.

Japanese manufacturing activities in May Increasing at the slowest pace in 3 monthsAccording to Reuters, the output was slow due to a supply bottleneck.

In corporate news, Toyota Motor On Tuesday, it said it would reduce global production from about 100,000 to 850,000 in June due to a shortage of semiconductors. The share of Japanese automakers rose 0.29% in the morning.

South Korea’s Kospi fell 0.8%.

In Australia, the S & P / ASX200 was just above the flat line. The widest index of MSCI non-Japanese Asia Pacific equities was 0.43% lower.

This isn’t the first time tariff cuts have emerged, but markets seemed to see the news as an indication of a potential dismantling of US-China trade tensions.

Taylor Newgent

National Australia Bank Economist

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As consumer prices rise, The White House said last month I was looking at how those tariffs contributed to inflation.

These tariffs came into effect in 2018, when the Trump administration imposed tariffs on billions of dollars worth of Chinese goods, and Beijing retaliated with similar disciplinary measures, involving both sides in a protracted trade war.

“The market seemed to be taking the news as an indication of the potential mitigation of the US-China trade war, but this is the first time tariff cuts have emerged,” said Taylor Newgent, an economist at the National Australia Bank. Not. “ “”Tariff cuts will help ease US inflation in margins, but government officials are reportedly concerned that China will look weak ahead of the November parliamentary elections. ” Stated.

In other trade news, The United States announced the Indo-Pacific Economic Framework with its Asian partners on Monday Includes Australia, Japan and South Korea. The group wants to set international rules on the digital economy, supply chain, decarbonization, and regulations that apply to workers.

Currency and oil

The US dollar indexTracked a greenback against a basket of peers and was 102.296 — up from a level just above the previous 102.

The JPY It traded at 127.91 per dollar, softening from the previous level of around 127.The Australian dollar It was $ 0.7068, up from about $ 0.704 before.

Crude oil prices were low in the morning of Asian trading hours on international benchmarks Brent crude oil futures It was down 0.75% per barrel to $ 112.57. US Crude Oil Futures It fell 0.73% per barrel to $ 109.49.

— CNBC’s Ted Kemp contributed to this report.

US-China tariffs, oil, currencies

Source link US-China tariffs, oil, currencies

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