Reliance Trading Co. Limited – Asian Markets Remain Cautious Over US China Tensions

Stocks extended their slump in early Asian trade on Monday, with U.S. equity futures off to a softer start for the week as worries over U.S.-China trade tensions battered investor sentiment.
By: Reliance Trading Co. Limited
 
 
Concerns Continue  - US China Tariff War
Concerns Continue - US China Tariff War
 
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WAN CHAI, Hong Kong - Dec. 9, 2018 - PRLog -- S&P futures were down 0.6 percent and the Dow futures lost 0.7 percent, while Australian stocks declined 0.9 percent.

White House trade adviser Peter Navarro's comments that U.S. officials would raise tariff rates on Chinese imports if the two countries could not come to an agreement during a 90-day negotiating period fanned fresh concerns over U.S.-China trade relations.

Markets were already reeling on news last week that Canadian officials had arrested the chief financial officer of Chinese smartphone maker Huawei for extradition to the United States. The arrest was seen as an added threat to the resolution of a trade war between the world's top two economies.

Wall Street's main indexes fell more than 2 percent on Friday in a broad sell-off, posting their largest weekly percentage drops since March.

The dollar was on the back foot after Friday's soft U.S. jobs report raised worries that economic growth is moderating and the Federal Reserve may pause its tightening cycle sooner than previously thought.

The dollar was down 0.25 percent at 112.45 yen and the euro added 0.2 percent to $1.1404.

Other data straddling the weekend showed China reporting far weaker than expected November exports and imports, underscoring slower global and domestic demand and raising the possibility authorities will take more measures to keep the country's growth rate from slipping too much.

"Whilst the news may not be positive, the fact that dialogue is open between the US and China is a point of note. The fact that the 90 days is even in discussion should help to calm the nerves of investors. With very low volumes on the main indexes, the profit taking we are seeing over the past week opens up a ripe opportunity for intelligent investors to make their move." said Chief Analyst, Graham Jackson at Reliance Trading.

Visit www.reliancetradingco.com to view our products and services, or to contact us at info@relinacetradingco.com to discuss your wealth management future.

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