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Follow on Google News | Reliance Trading Co. Limited – Asian Markets Lower, US and China Trade ConcernsAsian shares fell on Friday in a weak start to the month and off three-month highs struck this week on fresh concerns over Sino-U.S. trade prospects and ahead of U.S. economic data, while the dollar eased against major rivals.
By: Reliance Trading Co. Limited The latest blow to hopes that the world's two largest economies will reach a deal to end their bruising nearly 16-month trade war comes despite comments from Trump on Thursday that the countries would soon announce a new site for the signing of a "Phase One" trade deal after Chile cancelled a planned summit set for mid-November. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.09% on the day, and about 0.5% lower than three-month highs touched Thursday. The losses in Asia mirrored falls in global stock markets on Thursday, as MSCI's gauge of equity performance in 47 countries fell from 20-month highs. The index continued to ease on Friday, trimming 0.07%. Japan's Nikkei slid 0.63% in early trade, and Australian shares were 0.12% lower. Retreats in the S&P 500 and the U.S. 10-year Treasury yield indicated some technical resistance in the market. The Institute for Supply Management is due to release data from its survey of purchasing managers on Friday. A separate PMI survey released Thursday by the Chicago Fed showed a sharper contraction in Midwestern manufacturing activity for October. The yield on benchmark 10-year Treasury notes was a touch higher at 1.6927% compared with its U.S. close of 1.691% on Thursday. The two-year yield, sensitive to market expectations of Federal Reserve policy, was at 1.5279% compared with a U.S. close of 1.526%. The Fed cut interest rates for a third time this year on Wednesday to help sustain U.S. growth, but signaled there would be no further reductions unless the economy takes a turn for the worse. In the currency market, the dollar was a touch weaker against the safe-haven yen, trimming 0.06% to 107.95. The euro was 0.04% higher on the day at $1.1155, while the dollar index, which tracks the greenback against a basket of six major rivals, was down 0.07% at 97.285 on the day. The dollar index has fallen 0.56% this week. U.S. crude ticked up 0.26% to $54.32 a barrel and Brent crude rose 0.07% to $59.66 per barrel. Spot gold eased, trimming 0.04% to $1,512.57 per ounce Visit www.reliancetradingco.com to view our products and services, or contact us at info@reliancetradingco.com to discuss your wealth management future. End
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