Altrice Investment Co. Limited – Global Market Update – US and China Manufacturing, Gold's Rise

Asian shares stumbled on Tuesday and the dollar hovered near two-week lows as prospects for a long-awaited Sino-U.S. trade deal was dealt another blow after the United States leveled sweeping criminal charges against China's telecom giant Huawei.
 
 
Gold Rises - Expected to Continue
Gold Rises - Expected to Continue
 
Spread the Word
Listed Under

Tag:
Altrice Investment Co Limited

Industry:
Investment

Location:
Central - Hong Kong Island - Hong Kong

CENTRAL, Hong Kong - Jan. 28, 2019 - PRLog -- MSCI's broadest index of Asia-Pacific shares outside Japan got off to a shaky start with losses accelerating as other regional markets opened.

Australia and New Zealand led the losses, with their benchmark indices down 0.7 percent each while South Korea's KOSPI was off 0.3 percent. Chinese shares opened in the red too, with the blue-chip index down 0.2 percent.

Japan's Nikkei slid about 1 percent. U.S. stock futures also lost ground following from a torrid overnight session on Wall Street, with E-Minis for the S&P 500 down 0.4 percent.

Investor sentiment, already shaken by pessimism over global growth, took another hit after the U.S. Justice Department unsealed indictments against China's top telecom equipment maker, Huawei, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc.

The jolt to Huawei could undermine prospects for a trade deal between the economic giants as markets nervously await a fresh round of trade talks with Chinese Vice Premier Liu He set to meet U.S. officials on Wednesday and Thursday.

Further complicating matters, China triggered the legal process on Monday for the World Trade Organization to hear Beijing's challenge to U.S. tariffs, and berated the United States for blocking the appointment of judges who could rule on it.

Souring U.S.-China relations roiled global markets for much of last year, and have kept investors on the back foot this month. The trade war's broadening impact on world growth is one reason the U.S. Federal Reserve has signaled it will be patient on policy after raising rates four times in 2018.

Overnight, markets got a reminder of the potentially damaging economic impact of the Sino-U.S. trade war as Wall Street stocks were hit by profit warnings.

The losses came as shares of Caterpillar and Nvidia Corp nosedived after the two manufacturers joined a growing list of companies cautioning about the crippling effects of softening Chinese demand.

Caterpillar plunged more than 9 percent for its worst single-day drop since August 2011 while chipmaker Nvidia slid 13.8 percent.

The downbeat global growth impulse mean investors will look for further confirmation the Fed will pause its rate-hike cycle at a two-day policy meeting ending Wednesday.

Overnight on Wall Street, the Dow and S&P 500 each closed down 0.8 percent and the Nasdaq was off more than 1 percent.

WARNING BELLS

Worryingly, earnings at China's industrial firms too shrank in December, pointing to more troubles for the country's vast manufacturing sector already struggling with a decline in orders, job layoffs and factory closures.

Slowdown fears slugged the U.S. dollar which faltered to its lowest in two weeks on Monday. The dollar's index, which measures the greenback against a basket of major currencies, was last at 95.758.

Against the safe haven Japanese yen, the dollar was down at 109.17, on track for a third straight session of losses.

Markets will have more catalysts this week with over a 100 of the S&P500 companies reporting results, including Amazon, Apple and Facebook.

Many economists, including the International Monetary Fund, have cut their forecasts for global growth this year citing the U.S.-China trade war.

Elsewhere, Sterling dithered against the dollar ahead of voting in Britain's parliament on Tuesday that aims to break the Brexit deadlock. It was last at $1.3148

Oil bounced after hefty overnight losses. U.S. crude was last up 16 cents at $52.15 a barrel while Brent gained 18 cents to $60.11.

U.S. gold futures hovered near a seven-month high around $1,302.3 per ounce. Spot gold was last at 1,303.3 after breaking above a key psychological barrier of $1,300 an ounce on Friday.

"Our ambitions keep us ahead of our competitors, and our research, service and results keep our clients in a position of financial security."

To receive more information on opportunities within the US markets or the IPO's of 2019, or to find out more about our services and products, contact us at info@altriceinvestment.com or visit our website – http://www.altriceinvestment.com for further details.

Contact
Altrice Investment Co. Limited
William Uy
***@altriceinvestment.com
End
Email:***@altriceinvestment.com Email Verified
Tags:Altrice Investment Co Limited
Industry:Investment
Location:Central - Hong Kong Island - Hong Kong
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Altrice Investment Co. Limited PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share