Reliance Trading Co. Limited – Asian Markets Mixed After US Markets Closed on Monday

Asian stocks traded mixed Tuesday with little direction after a muted session in Europe and a holiday in the U.S. The dollar edged higher alongside Treasury yields.
By: Reliance Trading Co. Limited
 
 
Australian Central Bank to Release Minutes on Tuesday
Australian Central Bank to Release Minutes on Tuesday
 
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WAN CHAI, Hong Kong - Feb. 18, 2019 - PRLog -- Shares in Japan and Korea were little changed, while Chinese, Australian and Hong Kong equities posted modest gains. Global trade remained foremost in investors' minds as the European Union vowed prompt retaliation if the U.S. imposes tariffs on imported vehicles, with trans-Atlantic trade tensions showing no signs of easing. The Australian dollar swung to a small loss after the central bank reaffirmed its mounting concern over consumer spending.

Trade continues to dominate global markets as the U.S. and China race to reach a deal that would avert a tariff increase on Chinese goods by March 1, a deadline President Trump has said he may extend. With Trump receiving the findings of a probe into whether imported vehicles pose a national security threat, the possibility of auto tariffs has been revived. Trump has 90 days after officially receiving the report to decide whether to act.

Investors may also get further guidance on U.S. monetary policy this week. Minutes from the Federal Reserve's most recent meeting will likely show how much conviction there was among policy makers to suspend their interest-rate hiking campaign.

Elsewhere, the pound held gains after seven members of the U.K. Parliament said they'll stand as independents after quitting the main opposition Labour Party over issues including Brexit and anti-Semitism. Oil advanced to trade close to its highest in almost three months.

Here are some key events coming up:

The Federal Reserve will on Wednesday publish minutes from its recent meeting. Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony. Australia's central bank releases meeting minutes on Tuesday. Indonesia rate decision is due Thursday.

These are the main moves in markets:

Stocks

The MSCI Asia Pacific Index rose 0.1 percent at 10:30 a.m. in Tokyo. Japan's Topix Index was little changed S&P/ASX 200 rose 0.3 percent. Kospi Index fell 0.1 percent. Hang Seng Index rose 0.3 percent. Shanghai Composite Index rose 0.2 percent. The Stoxx Europe 600 Index gained 0.2 percent to the highest in almost 19 weeks. S&P 500 futures were little changed.

Currencies

The Bloomberg Dollar Spot Index rose 0.1 percent. The euro fell 0.1 percent to $1.1304.The British pound slipped 0.2 percent to $1.2905.The offshore yuan rose 0.1 percent to 6.7796 per dollar.

Bonds

The 10-year U.S. Treasury yield rose one basis point to 2.67 percent.

Commodities

West Texas Intermediate crude advanced 0.2 percent to $55.72 a barrel.

About Reliance Trading Co. Limited

Experienced, local and independent, we have deep knowledge of markets and what causes change; we have local roots in Hong Kong but maintain a global reach and worldview; and we're a truly independent business which allows us to give you sound investment advice based on facts, not spin.

We started with one goal in mind: provide custom investment portfolios to fit your specific investment needs. Our client's love that we're able to tap into all of the same data, information and resources as larger investment houses, all the while offering a bespoke service to each and every client, as their situation requires.

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

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