ChiXi Consultants – Asian Stocks Trade Lower on Tariff Concerns & Market Update

Asian stocks opened weaker after a reversal in U.S. equities on Friday, amid concern over whether trade tensions with China can be mended. The pound jumped on news of further progress in Brexit negotiations.
 
 
Asian Stocks Trade Lower
Asian Stocks Trade Lower
 
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MANHATTAN, N.Y. - Nov. 4, 2018 - PRLog -- Shares declined in Japan, Australia and South Korea and U.S equity-index futures slid. Futures pointed to losses in China as optimism on a trade breakthrough at the end of last week tempered after White House economic adviser Larry Kudlow downplayed the potential for a quick deal. The dollar steadied, while 10-year U.S. Treasury yields held gains from Friday's strong jobs report. The pound strengthened after the Times reported Theresa May has secured concessions from Brussels that'll allow her to keep all of Britain in a customs union with the EU and avoid a hard border in Northern Ireland.

Politics, geopolitics and central banks will be the focus of the week for investors with the U.S. mid-term elections likely to dominate coverage early on, seen as a referendum on the policies of President Donald Trump. European traders will watch for further signs of progress on Brexit, with May due to discuss the latest proposals with her cabinet Tuesday. Investors then turn their eyes to the Federal Reserve, though officials are expected to keep the benchmark interest rate unchanged at their penultimate 2018 meeting Thursday.

Elsewhere, oil was on track for a sixth day of declines as sanctions on Iran oil snap back into place Monday.

Here are some key events coming up this week:

U.S. sanctions on Iranian oil flows go back into effect Monday. Chinese President Xi Jinping addresses the country's first International Import Expo EU's chief negotiator Michel Barnier delivers a speech on Brexit to the Grandes Conférences Catholiques in Brussels. On Tuesday, U.S. mid-term elections will determine whether Republicans keep control of Congress, and set the stage for Trump's 2020 re-election bid. Reserve Bank of Australia November policy decision Tuesday Federal Reserve policy makers are expected to leave the main interest rate unchanged Thursday at their penultimate gathering of 2018The Bank of Japan releases a summary of opinions from its Oct. 30-31 policy meeting. Trump plans to meet Russian President Vladimir Putin on the sidelines of Armistice Day celebrations Nov. 11.

And these are the main moves in the markets:

Stocks

Japan's Topix index fell 0.9 percent as of 9:12 a.m. in Tokyo. Australia's S&P/ASX 200 fell 0.5 percent. South Korea's Kospi index was down 0.9 percent. Futures on the FTSE China A50 dropped 1.5 percent. Futures on the Hang Seng Index fell 2.4 percent. S&P 500 Index futures lost 0.3 percent. The S&P 500 Index closed down 0.6 percent. The Nasdaq 100 Index fell 1.5 percent.

Currencies

The Japanese yen was little changed at 113.19 per dollar. The offshore yuan was steady at 6.8980 per dollar. The Bloomberg Dollar Spot Index was little changed. The euro traded at $1.1397, up 0.1 percent. The pound gained 0.3 percent to $1.3002.

Bonds

The yield on 10-year Treasuries held at 3.12 percent after rising 8 basis points Friday. Australia's 10-year bond yield climbed more than three basis points to 2.73 percent.

Commodities

West Texas Intermediate crude lost 0.3 percent to $62.98 a barrel. Gold edged up 0.1 percent to $1,234.42 an ounce.

About ChiXi Consultants:

ChiXi Consultants is a Financial Planning and Investment Advisory firm that is geared toward individuals and institutions who are looking to achieve extraordinary levels of success. Our clients range from entrepreneurs, executives, board members and institutions who demand the same excellence in their advisors that they have demonstrated in their own lives. They require an intensely personal approach that relies upon years of experience, attention to detail, and above all else, objectivity and this is what ChiXi Consultants prides itself on providing.

To find out more about ChiXi Consultants, contact us at info@chixi-consultants.com for further information or visit our website at www.chixi-consultants.com

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