Forex Marketz Daily Forex News – Fully Markets Update
Asian markets were mixed to lower Monday morning as traders were still concerned about a looming trade war between the world’s two largest economic super powers, China and the United States.
In Australia, the S&P ASX 200was down. Shares lost 0.12 percent this morning. The heavily weighted banking and financial sector was down. This sector lost 0.8 percent. The so called Big 4 bank stocks were also lower.
The energy sector rose. This sector was up 1.68 percent. Oil plays were higher. Santos was up 2.02 percent. Oil Search gained 2.34 percent and shares of Woodside Petroleum rose 1.69 percent.
The Asian benchmark bourse in Japan, the Nikkei 225 was down. Shares fell 0.51 percent. in Tokyo, the broader Topix index was also down. This index lost 0.51 percent.
Elsewhere in the Asian and Pacific Rim, across the Korean Strait, the Kospi composite index was also lower. Shares in Korea lost 0.42 percent.
In the Chinese sphere, the Hong Kong Hang Seng index (HIS) was also down in early morning trade hours.
On the Chinese mainland markets trade higher during early morning trade hours. The Shanghai composite gained ground. Shares rose 0.26 percent. The smaller Shenzhen composite was also higher in early trade. Here shares gained 0.63 percent.
Asian Traders continue to react cautiously to Trade Headlines
Dominating regional headlines was the simmering trade war between China and the United States. Over the weekend, U.S.
President Donald Trump stood by and increased his rhetoric. The unpredictable president, using his favorite medium of Twitter, called for global countries to end all trade barriers. If they did not they would be faced with new and harsh retaliatory measures.
Last week, Trump directed the United States Trade Representative to come up with a list of $200 billion of Chinese products for new tariffs at a rate of ten percent. These would be additional tariffs on goods already subjected to new duties. New taxes were announced by both countries earlier in June. Beijing responded swiftly. They said that they would respond in kind.
