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  • Asia set to surge on trade hopes, pound jumps on exit polls
    Reuters

    Asia set to surge on trade hopes, pound jumps on exit polls

    Asian share markets were looking to steam higher on Friday amid reports a last-gasp trade deal had been struck that would avert new U.S. tariffs on China, while Prime Minister Boris Johnson's Conservative Party looked to have won a clear majority in the UK elections. Sterling surged 2.3% in early Asian trade to $1.3467 to hit its highest since mid-2018, and reached levels on the euro not visited since mid-2016. A wave of trade relief overnight had already lifted Wall Street to record highs while hammering safe-haven sovereign bonds and the Japanese yen.

  • Stocks Hit Record High, Bond Yields Jump, Pound Up: Markets Wrap
    Bloomberg

    Stocks Hit Record High, Bond Yields Jump, Pound Up: Markets Wrap

    (Bloomberg) -- Global stocks hit a record high for the first time since early 2018 and bond yields climbed after news that President Donald Trump signed off on a trade deal with China averting tariffs set for Sunday.The pound surged the most in almost three years in the wake of exit polls showing a solid majority for U.K. Prime Minister Boris Johnson, offering greater clarity for Brexit. China’s yuan punched through 7 per dollar in offshore trading. Ten-year Treasury yields jumped the most in three months, and the yen retreated. Futures on the S&P 500 Index saw modest gains as trading started in Asia. The yen slid.The removal of tariff uncertainty will return investor focus to signs the global economy is improving as a strong year for risk assets heads toward a close. Thursday’s gain in American stocks pushed the MSCI All-Country global benchmark of shares to a record high.The deal presented to Trump by trade advisers Thursday included a promise by the Chinese to buy more U.S. agricultural goods, according to people familiar with the matter. Officials also discussed possible reductions of existing duties on Chinese products, they said. The terms have been agreed but the legal text has not yet been finalized, the people said. A White House spokesperson declined to comment.Meanwhile, Boris Johnson is on course to win a decisive victory in the U.K.’s general election, vindicating his gamble on an early vote and putting the country on track to leave the European Union next month. The official exit poll predicted the prime minister’s Conservatives will win 368 of the 650 seats in the House of Commons -- a large overall majority.Elsewhere, the European Central Bank said it would maintain bond buying and keep rates low until it gets near its inflation goal. The lira gained as the Turkish central bank delivered another interest-rate cut that exceeded forecasts.These are the main moves in markets:StocksNikkei futures rose 1.2%.Hang Seng futures rose 0.7%.S&P/ASX 200 climbed 0.5%.Futures on the S&P 500 Index were up 0.4% after the gauge rose 0.9% Thursday.CurrenciesThe euro rose 0.5% to $1.1186.The British pound rose 2.3% to $1.3460.The Japanese yen fell 0.2% to 109.53 per dollar.The offshore yuan rose 0.3% to 6.9277 per dollar.BondsThe yield on 10-year Treasuries rose 10 basis points to 1.89% Thursday.Australia’s 10-year yield soared 14 basis points to 1.27%.CommoditiesWest Texas Intermediate crude climbed 0.5% to $59.45 a barrel.Gold fell 0.3% to $1,465.51 an ounce.To contact the reporter on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Barrons.com

    The S&P 500 Is Toast, Jeffrey Gundlach Says. What He Says to Buy Instead.

    DoubleLine Chief Executive Jeffrey Gundlach offered a bearish outlook in a CNBC interview, saying the U.S. market could be the worst performer during the next recession.

  • U.S. Stocks Rise on Fresh Optimism Over China Deal: Markets Wrap
    Bloomberg

    U.S. Stocks Rise on Fresh Optimism Over China Deal: Markets Wrap

    (Bloomberg) -- U.S. stocks rose to records on optimism that the Trump administration will clinch a deal with China on trade and avert fresh tariffs. The pound fell ahead of the first exit polls in the U.K. general election.The S&P 500 rallied following a Bloomberg report that American officials had reached a deal in principle that only needed Trump’s approval. Shortly after U.S. markets closed, news broke that the president had signed off on the agreement to avert tariffs set for Dec. 15.A breakthrough on trade would remove a major overhang for equity investors just a day after the Federal Reserve signaled it is no rush to raise interest rates as the economy shows steady improvement. Trade headlines whipsawed stocks all day, as investor optimism rose and fell with the latest negotiation-by-tweet.Thursday’s gain in American stocks pushed the MSCI All-Country index to its first record since January 2018. The spike in Treasury yields boosted financial stocks, lifting the S&P 500 Financial index past its closing high from May 2007.In Europe, the central bank said it would maintain bond buying and keep rates low until it gets near its inflation goal. The Swiss franc nudged higher after the central bank left rates unchanged. The pound fell as U.K. voters went to the polls.Elsewhere, Saudi Aramco shares jumped for a second day, pushing the oil giant’s value beyond the $2 trillion mark. Oil futures rose. The lira gained as the Turkish central bank delivered another interest-rate cut that exceeded forecasts.These are the main moves in markets:StocksThe S&P 500 Index rose 0.9% at 4 p.m. New York time.The Dow Jones Industrial Average jumped 0.8%.The Stoxx Europe 600 Index rose 0.3%.The MSCI All-World Index rose 0.8% to a record.The MSCI Asia Pacific Index rose 0.6%.CurrenciesThe Bloomberg Dollar Spot Index was flat.The euro was flat at $1.113.The British pound lost 0.2% to $1.3166.The Japanese yen fell 0.7% to 109.35 per dollar.BondsThe yield on 10-year Treasuries rose 11 basis points to 1.897%.The two-year Treasury rate added five basis points to 1.66%.Germany’s 10-year yield spiked to -0.27%.CommoditiesWest Texas Intermediate crude climbed 0.9% to $59.31 a barrel.Gold futures fell 0.1% to $1,474.20 an ounce.\--With assistance from Jeremy Herron and Sam Potter.To contact the reporters on this story: Claire Ballentine in New York at cballentine@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Sam PotterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • South China Morning Post

    Hong Kong's deteriorating economy puts city's reputation as business hub at risk if protests persist, says Fitch

    Hong Kong's economic outlook continues to deteriorate as six months of street protests drove the local economy into a contraction, while persistent unrest puts the city's business reputation and environment at risk, said Fitch Ratings.The company, the first among the world's three major credit rating agencies to downgrade Hong Kong's creditworthiness, this week said the city's economy is likely to have contracted by 1.5 per cent in 2019, cutting its forecast from an earlier estimate of zero growth. Hong Kong's economy entered into a "technical recession" in the third quarter."International perceptions of the intrinsic strengths of Hong Kong's business environment are still at risk, which could eventually weaken its status," said Stephen Schwartz and Andrew Fennell, Fitch's sovereign analysts based in Hong Kong. "This suggests potential further downside risks to its credit rating."Fitch in September cut its rating of Hong Kong-issued debt to "AA" with a "negative outlook", from an earlier "AA+" rating with "stable outlook", citing the negative impact of the ongoing protests. A "negative outlook" indicates a potential downward trend on its rating scale over a one to two-year period. A negative or positive outlook, however, does not necessarily result in a rating change.While the HK$25 billion (US$3.2 billion) fiscal relief measures announced by the government since mid-August could improve its growth outlook for 2020 slightly, the lingering social unrest continues to make its economic outlook vulnerable, it said.A recent government survey showed that foreign firms particularly value the territory's rule of law and independent judiciary, its political stability and security, but "firms may begin to question these assumptions if political uncertainty continues," Fitch said. Chinese corporate bond defaults to surge to a record high in 2020But some indicators continue to paint a positive picture for Hong Kong's medium-term prospects. These include the city's role as the flagship offshore financing centre for Chinese firms, as exemplified by Alibaba Group Holding's listing on the Hong Kong stock exchange last month. Alibaba owns the South China Morning Post.Banking sector deposits, business registrations and employment visas data too show little evidence that Hong Kong's role as a global commerce centre has diminished."All of this underlines Hong Kong's important role in channelling international finance to Chinese firms, one in which it is unlikely to be easily substituted," Fitch said.But the unrelenting social unrest is unlikely come to an end soon, said Adrian Mowat, CLSA's chief strategist."Our base case is that the current situation continues. There isn't a political solution to it. Hong Kong businesses will continue to suffer from the pressure that we're seeing on the economy," Mowat said.The investment group expects Hong Kong GDP to contract by 1.2 per cent this year, narrowing the contraction to 0.4 per cent in 2020.Heading into next year, CLSA has a more positive outlook for the mainland-stock heavy Hang Seng Index versus the MSCI Hong Kong Index, which is focused on more domestically driven stocks.CLSA has a target of 29,600 for the Hang Seng Index, or about a 10 per cent return next year, Mowat said. By comparison, the MSCI Hong Kong, which includes Hong Kong insurance and property companies, is expected to post a return of just 1 to 2 per cent, he said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Asian Shares Boosted by Fed Signals; Trump to Meet with Top Advisors over Tariffs
    FX Empire

    Asian Shares Boosted by Fed Signals; Trump to Meet with Top Advisors over Tariffs

    U.S. President Donald Trump is expected to meet with top trade advisors on Thursday to discuss planned December 15 tariffs on some $160 billion in Chinese goods, three sources familiar with the plans said, according to Reuters, as markets braced for potential negative impacts.

  • Hong Kong’s Dollar Jumps Into Strong Half of Its Trading Band
    Bloomberg

    Hong Kong’s Dollar Jumps Into Strong Half of Its Trading Band

    (Bloomberg) -- Hong Kong’s dollar climbed into the strong half of its trading band against the greenback for the first time since July, boosted by elevated borrowing costs in the city.The currency climbed as much as 0.13% to 7.7982 per dollar on Thursday, crossing the 7.8 threshold. Local interbank rates have stayed high since November, outstripping the income a trader can expect on U.S. dollars. That’s undermined the so-called carry trade, where traders sell Hong Kong dollars and buy greenbacks, which had been profitable for years. Equities in the city also rose.The Hong Kong dollar’s strength is also coinciding with year-end regulatory checks on banks that typically sees higher demand for cash. That may lock up funds, tighten liquidity and stoke local rates into the final days of 2019. The Federal Reserve on Wednesday left interest rates unchanged and signaled it would stay on hold through 2020, limiting the room for Hong Kong rates to fall even after the seasonal factors are out of the way.“A softer dollar, better yield differential, perhaps some easing off on the outflows may have contributed to the sharp move that we’ve seen,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. “After the Fed policy decision overnight, the dollar is staying softer.”The Hong Kong Monetary Authority said Thursday that foreign-exchange and money markets continue to operate smoothly and that the exchange rate remains stable.One-month interbank funding costs for the currency, known as Hibor, have been higher than comparable rates on the greenback for 24 straight sessions as of Tuesday -- the longest stretch in four years. That means investors who had profited by borrowing the Hong Kong dollar cheaply and selling it against higher-yielding currencies since 2017 now may have to shift their strategy.The Hong Kong dollar Hibor climbed above the greenback’s funding costs, known as Libor, last month, and has remained elevated. The premium briefly reached the highest since the 1990s. That came as large share sales in the city drained liquidity and six months of political unrest stoked concern about capital outflows.Before mid-2019, Hibor had been lower than Libor for most of the past few years. The short Hong Kong dollar trade became so popular that the currency was repeatedly pushed to the weak end of its trading band against the greenback, prompting the local de facto central bank to intervene.The Hong Kong dollar will likely return to the weak half of the band as year-end effects fade, said Eddie Cheung, an emerging markets strategist at Credit Agricole CIB.“That’s because we currently don’t have major drivers for strong inflows, the city’s economy will face significant pressures in the first half and the medium to long-term prospects on the trade war aren’t great,” he said.The Hong Kong dollar pared its gain to trade at 7.8061 as of 3:43 p.m. local time. A gauge measuring the demand for bearish options on the currency over bullish wagers tumbled the most since early 2015. In stocks, the benchmark Hang Seng Index added 1.4%, set for the highest close since Nov. 19.\--With assistance from Livia Yap.To contact the reporters on this story: Tian Chen in Hong Kong at tchen259@bloomberg.net;Claire Che in Beijing at yche16@bloomberg.netTo contact the editors responsible for this story: Sofia Horta e Costa at shortaecosta@bloomberg.net, Philip Glamann, Christopher AnsteyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    Japan stocks flat ahead of U.S. tariffs decision, chip firms soar

    Japanese shares were mostly flat on Thursday ahead of a deadline on a new round of U.S. tariffs on Chinese imports due this weekend while semiconductor firms tracked gains in their counterparts on Wall Street. U.S. President Donald Trump is expected to meet with top trade advisers on Thursday to discuss the planned Dec. 15 tariffs on some $160 billion in Chinese goods, three sources familiar with the plans said. Although the market has been underpinned by some hopes of a Sino-U.S. trade deal, investors worry that negotiations could fall apart if the tariffs kick in this weekend.

  • Reuters

    GLOBAL MARKETS-Asian shares climb on dovish Fed, but Brexit hurdle looms

    Asian stocks rose on Thursday to the highest in a month after the Federal Reserve signalled rate settings were likely to remain accommodative, but the imminent UK election and a deadline for Sino-U.S. trade talks kept investors cautious. The Fed kept interest rates unchanged, as expected, at its policy meeting on Wednesday but indicated interest rates would remain on hold, which nudged Wall Street stocks higher. Japan's Nikkei stock index rose 0.22% and U.S. stock futures edged up 0.1%.

  • Nikkei-Topping Chip Stocks Poised to Extend Gains in 2020
    Bloomberg

    Nikkei-Topping Chip Stocks Poised to Extend Gains in 2020

    (Bloomberg) -- A dramatic turnaround in semiconductor stocks has been the hottest theme in Japan’s stock market this year, and it may just be the tip of the iceberg.Advantest Corp. is the Nikkei 225 Stock Average’s runaway winner for 2019, up almost 150% with a couple of weeks remaining. After languishing well into the summer, the stock took off in the second half, helped by expectations for 5G communications technology. A similar rebound was seen in chip equipment peers Tokyo Electron Ltd. and Screen Holdings Co., which are also in the Nikkei’s top 10 best performers.Tech gains have helped boost one of this year’s best-performing large funds focused on Japan. Fidelity’s Japan Growth Fund is up 27%, beating 96% of its peers and outpacing the Nikkei’s 255 17% advance.“Around mid-year, semiconductor-related stocks and electronic part makers’ earnings had bottomed and started to make a comeback,” said Takashi Maruyama, head of Japan equities for Fidelity International. “We had already incorporated them into our fund. Markets became concerned when semiconductor shares fell around June, but we maintained our position.”The chip equipment makers were all in the top 10 gainers again Thursday, along with silicon wafer maker Sumco Corp. A trade show taking place this week in Tokyo is just the latest tailwind.“Semicon Japan taking place right now seems to have re-energized semi names, as the recovery prospects for next year are firming up,” Amir Anvarzadeh, a market strategist at Asymmetric Advisors, said in a note. “Memory, which has been the missing piece, is showing good signs of bottoming out, led by data center growth but also promise of higher density LP-DDR DRAMs and NAND for 5G smartphones going into next year.”Chip stocks have been the leaders in the U.S. this year as well. Peers got a boost overnight as BofA said Apple Inc.’s expected 5G iPhone will be a positive catalyst for chipmaker Qualcomm Inc., a customer of Sumco, Advantest and Tokyo Electron.The World Semiconductor Trade Statistics predicts the chip market will rebound from a decline this year to 6% growth next year, to $433 billion, according to a report from CLSA Securities Japan. While global trade conflicts and the 2020 elections in the U.S. pose potential risks, the market outlook remains bright, the broker said.“Rollout of 5G services and the hyperscale data-center capital investment cycle point to considerably better demand conditions for memory in 2021,” CLSA analyst Yu Yoshida wrote in a report dated Monday. “We would regard any share-price weakness in 2020 due to political risk as an opportunity to buy for 2021.”To contact the reporters on this story: Kurt Schussler in Tokyo at kschussler1@bloomberg.net;Shoko Oda in Tokyo at soda13@bloomberg.netTo contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Teo Chian WeiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Most Asian markets higher after Fed signals it will hold the line on interest rates
    MarketWatch

    Most Asian markets higher after Fed signals it will hold the line on interest rates

    Gains in Japan and Hong Kong led an otherwise mixed early Asian stock session Thursday after the U.S. Federal Reserve signaled it will likely keep interest rates on hold throughout 2020 amid a solid economy.

  • Hopes for U.S.-China trade progress push global stock index to record high
    Reuters

    Hopes for U.S.-China trade progress push global stock index to record high

    MSCI's global stock index hit a record high on Thursday and the U.S. dollar gained along with U.S. Treasury yields after reports the United States has reached in principle a "phase one" trade deal with China. Citing two people familiar with the trade negotiations, Reuters reported that the United States had offered to cut existing tariffs on Chinese goods by as much as 50%, and to suspend new tariffs due to kick in Sunday with an aim to securing a deal. While the U.S. stock trading session ended without official confirmation of a deal, President Donald Trump had encouraged investor appetites for risk early in the day after he said the countries were "very close." This also pushed safe-haven gold prices lower while oil futures gained.

  • Stocks Rise, Dollar Falls on ‘Accommodative’ Fed: Markets Wrap
    Bloomberg

    Stocks Rise, Dollar Falls on ‘Accommodative’ Fed: Markets Wrap

    (Bloomberg) -- U.S. stocks rose with Treasuries, while the dollar fell after the Federal Reserve left interest rates unchanged and its chairman signaled it would keep policy “somewhat accommodative.”The S&P 500 halted a two-day slide as investors viewed the last Fed decision of the year as dovish because the central bank signaled rate hikes are unlikely unless there is a meaningful change in the outlook for the economy. The 10-year Treasury rate fell below 1.8%.The Fed, in its first unanimous vote since May, said it will continue to monitor the implications of data for the economic outlook “including global developments and muted inflation pressures.”“It’s ‘steady as she goes’ from the Fed today,” said Jason Pride, chief investment officer of private wealth at Glenmede Trust. “This accommodative stance should provide a measure of support for risk assets heading into the new year.”Equity gains had been muted throughout the session as investors kept an eye out for trade headlines. The Dow Jones Industrial Average was little changed amid more trouble for Boeing Co.’s Max plane and Home Depot Inc.‘s weak forecast. Crude slipped after U.S. inventory data.With the world’s top two economies still wrangling over an interim deal, Thursday may bring news as Trump is expected to meet with his trade team, according to people familiar with the talks.Here are some other key events to watch:Brazil’s central bank also decides on interest rate.The next European Central Bank policy meeting is on Thursday.The U.K. holds a general election Thursday.And these are the main market moves:\--With assistance from Claire Ballentine.To contact the reporters on this story: Sarah Ponczek in New York at sponczek2@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    Japanese shares end lower in wait for update on U.S. tariffs

    Japanese stocks ended lower on Wednesday as an approaching deadline for U.S. tariffs on nearly $160 billion worth of Chinese consumer goods just weeks before Christmas kept investors away from risk-taking. The Nikkei index closed down 0.08% at 23,391.86, with industrial and healthcare sectors leading the declines. The tariffs are set to kick in on Dec. 15, but the United States and China are planning a delay as trade talks continue, the Wall Street Journal reported on Tuesday.

  • Asian Shares Mostly Higher as Investors Await Fed Policy Decisions; Tariffs Worries Continue
    FX Empire

    Asian Shares Mostly Higher as Investors Await Fed Policy Decisions; Tariffs Worries Continue

    Perhaps capping stock market gains are comments from White House Economic advisor Larry Kudlow, who on Tuesday downplayed reports of a tariff delay, noting the Trump Administration could still move forward with new levies targeting Chinese goods.

  • Most Asian markets gain amid hopes for China tariff delay; Japan sits out rally
    MarketWatch

    Most Asian markets gain amid hopes for China tariff delay; Japan sits out rally

    Most Asian stock markets traded higher Wednesday, with investor moods cautiously lifted by a report that U.S. President Donald Trump might delay a weekend tariff hike on $160 billion in Chinese goods.

  • Global Markets: Stocks rise after Fed keeps rates on hold; oil falls
    Reuters

    Global Markets: Stocks rise after Fed keeps rates on hold; oil falls

    Global equity markets rose on Wednesday after the Federal Reserve indicated interest rates would remain on hold for some time - a positive for risk assets - while oil prices fell after data showed an unexpected increase in U.S. crude inventories. New projections showed 13 of the U.S. central bank's 17 policymakers foresee no change in rates until at least 2021 as moderate economic growth and low unemployment are expected to continue through next year's presidential election. The projection of no rate hikes for the foreseeable future is phenomenal when U.S. monetary policy over the last few decades is considered, said Kristina Hooper, chief global market strategist at Invesco in New York.

  • Reuters

    Japanese shares dip as investors await clarity on U.S. tariffs

    Japanese stocks edged lower on Wednesday as an approaching deadline for U.S. tariffs on nearly $160 billion worth of Chinese consumer goods just weeks before Christmas kept investors risk-averse. The Nikkei index fell 0.26% to 23,350.20 by 0138 GMT, with industrial and healthcare sectors leading the declines. The tariffs are set to kick in on Dec. 15, but the United States and China are planning a delay as trade talks continue, the Wall Street Journal reported on Tuesday.

  • Reuters

    Japan FY2019/20 tax revenue to undershoot govt's estimate by over 2 trln yen - Nikkei

    Japan's government is expected estimate that tax revenue will undershoot its initial forecast by around 2.3-2.5 trillion yen ($21.17-23.01 billion) in the current fiscal year to March 2020 due to a slowdown in exports caused by the U.S.-China trade war, the Nikkei business daily reported on Tuesday. The government will issue additional deficit-covering bonds worth around 2 trillion yen in the current fiscal year to make up for a tax revenue shortfall, it said, without citing sources. The government initially estimated this fiscal year's annual tax revenue at a record high of 62.5 trillion yen when it compiled its annual budget a year ago.

  • Stocks Drop With Bonds as Trade Deadline Looms: Markets Wrap
    Bloomberg

    Stocks Drop With Bonds as Trade Deadline Looms: Markets Wrap

    (Bloomberg) -- U.S. stocks fell for a second day as investors pulled back ahead of the Federal Reserve rate decision, U.K. election and Sunday’s tariff deadline. Treasuries slipped.The S&P 500 Index fluctuated for most of the day before ending lower. Trade took center stage, with investors debating whether China and the Trump administration will reach a meaningful trade deal to avert fresh tariffs. Multiple reports indicated a delay was likely, before administration officials said the outcome depends on how talks progress. The two sides say a partial deal remains within reach, though the contours have not been made clear. Crude rose.“The trade talks and headlines are going to be very fluid this week,” said Ryan Nauman, market strategist at Informa Financial Intelligence’s Zephyr. “You’ve got a lot of stuff going on this week, just a lot of information that traders are having to contend with. But trade talks and headwinds are definitely driving risk-on or risk-off trades right now.”In other trade news, Canada, Mexico and the U.S. moved toward an agreement that appeared to have legislative support in each of the countries. Mexico’s peso was little changed.“Those three countries are highly dependent on each other so I don’t think there likely to be anything that is that far away from where we’re at,” said Jim Besaw, chief investment officer at GenTrust.Trade continued to dominate sentiment on equity markets, with the dispute between the world’s two largest economies taking much of the blame for a slowdown in global growth. The spat is overshadowing a spate of central bank meetings this week, including the Federal Reserve gathering Wednesday. House Democrats are expected to unveil impeachment charges later Tuesday against President Donald Trump.The pound rose ahead of a key political poll and just two days before a general election dominated by Brexit. The euro advanced while European bonds drifted lower after French and German economic data beat expectations.Here are some key events to watch this week:The Federal Reserve decides on interest rates on Wednesday, followed by a press briefing from Chairman Jerome Powell.The next European Central Bank policy decision is on Thursday.The U.K. holds a general election Thursday.These are some of the main moves in markets:\--With assistance from Sarah Ponczek.To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Claire Ballentine in New York at cballentine@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • South China Morning Post

    Hong Kong market dips while China stocks eke out small gains, as investors remain in 'observation mode'

    Hong Kong stocks dipped while China-listed shares edged up, amid another day of cautious trading on Tuesday as China and the US continue working on an initial trade deal.The Hang Seng Index dropped 0.2 per cent to 26,436.62. In China, markets reversed early losses and eked out small gains by the close. The Shanghai Composite Index ended 0.1 per cent, or 2.84 points, higher at 2,917.32. The Shenzhen Component Index added 0.4 per cent, while the ChiNext Index rose 0.8 per cent."Pretty much everyone is in observation mode right now," said Kevin Leung, executive director of investment strategy at Haitong International Securities. If the US pulls back scheduled tariffs on Chinese imports on Sunday, the Hang Seng Index stands a chance of rising above the 27,000-point level by the end of this year, he said."The market has priced in all the negatives, but at the same time I can't see anything substantially positive that could support a rebound," he added.In Hong Kong, sportswear makers declined broadly, in what is likely to be a result of investors taking profits at year-end, Jefferies analysts led by John Chou said in a report on Tuesday. Retail sales at a selection of shopping malls across China reflect strong momentum this month, continuing from November, they said.Li Ning tumbled 6.3 per cent to HK$23.8, Anta Sports dropped 4.3 per cent to HK$70.75 and Xtep International Holdings weakened by 2 per cent to HK$3.85.The Hong Kong-listed shares of Alibaba Group Holding, which owns the South China Morning Post, recorded a second day of losses, following their inclusion in the Hang Seng Composite Index on Monday. The stock fell 0.6 per cent to HK$195.4, after declining 0.5 per cent on Monday.On the mainland, the Postal Savings Bank of China, the country's biggest initial public offering since 2010, closed with a slight gain of 2 per cent at 5.61 yuan. While new stocks typically soar on their first day of trading in China, investors have been more cautious of late. Moreover, the listing has been met with suspicion about its valuation levels, and growing distrust in China's banking industry, which has been hit by several unexpected bailouts.In addition, pig farmers weakened after a surge in pork prices accelerated China's consumer inflation in November, as revealed by the consumer price index released on Tuesday.Muyuan Foodstuff, one of the largest pork producers in China, fell by 5.3 per cent to 84 yuan, as investors took profits on a strong rally this year amid worries over its future output. An outbreak of African swine flu has swept across China and sent pork prices soaring. The company's shares have gained 193 per cent so far this year.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Financial Times

    US stocks slip as investors debate tariff deadline

    US stocks closed slightly lower, marking a cautious response to media reports Washington and Beijing had signalled a Sunday deadline for the imposition of new round of tariffs on Chinese imports could be extended. Trade negotiators from the US and China have indicated in recent days that December 15 is not necessarily the final date for duties to increase on $165bn of imports if a so-called “phase one” deal is not reached beforehand, the Wall Street Journal reported about an hour out from Wall Street’s opening bell on Tuesday.

  • Asian Shares Lower as Surge in Chinese Consumer Inflation Rattles Investors
    FX Empire

    Asian Shares Lower as Surge in Chinese Consumer Inflation Rattles Investors

    China’s consumer inflation climbed to nearly eight-year peaks in November as pork prices doubled, but factory-gate prices remained in the red, adding to uncertainty over whether the manufacturing sector is bottoming out as trade risks persist.