Asian stocks mixed, Yen to Dollar rose, the Kiwi plunged; These are the main moves in markets
Asian stocks were mixed Thursday with Chinese equities again outperforming despite the ongoing tariff to-and-fro between China and the Trump administration. The dollar ticked higher, while oil held on to Wednesday’s losses.
A firmer yen weighed on Japanese shares before the currency gave up its gains, while Chinese and Hong Kong stocks pushed higher as earnings reports offered a respite from the recent sell-off. Stocks also rose in Australia and dipped in South Korea. Treasuries maintained gains made as investors scooped up a record $26 billion 10-year auction. The kiwi tumbled to a two-year low after the New Zealand central bank pushed out its forecast for a rate increase by a year as the outlook for economic growth weakens.
China said it will impose 25 percent tariffs on an additional $16 billion worth of imports from the U.S. from Aug. 23, matching Washington’s latest move in the trade war. Separately, the U.S. announced new sanctions on Russia, saying it’s made a final determination that Moscow was responsible for the March 4 nerve-agent attack on former double agent Sergei Skripal in the U.K. The ruble tumbled.
Elsewhere, crude pared a drop to around a seven-week low after the escalating trade dispute between the world’s biggest economies overshadowed a decline in U.S. crude stockpiles. Bitcoin was steady after dropping for four days, leading a sell-off in digital coins of all sizes.
Here are some key events coming up this week:
- Samsung Electronics is set to unveil its next Galaxy Note smartphone on Thursday.
- U.S. consumer prices probably rose in July from June, consistent with a pickup in inflation that’s projected to keep the Federal Reserve on a path of gradual interest-rate increases, economists forecast before Friday’s release.
These are the main moves in markets:
- Japan’s Topix index fell 0.3 percent as of 1:57 p.m. in Tokyo.
- Australia’s S&P/ASX 200 Index rose 0.6 percent.
- South Korea’s Kospi index fell 0.2 percent.
- Hong Kong’s Hang Seng Index rose 0.9 percent.
- The Shanghai Composite Index advanced 1.8 percent.
- S&P 500 Index futures nudged higher.
- The MSCI Asia Pacific Index rose 0.2 percent.
- The yen rose 0.1 percent to 110.82 per dollar.
- The offshore yuan traded at 6.8230 per dollar.
- The euro bought $1.1607.
- The kiwi plunged 1.1 percent to 66.75 U.S. cents.
- The Bloomberg Dollar Spot Index was flat.
- The yield on 10-year Treasuries nudged lower to 2.95 percent.
- Australia’s 10-year bond yield fell about 3 basis points to 2.65 percent.
- West Texas Intermediate crude was at $66.97 a barrel, after slumping 3.2 percent.
- Gold was little changed at $1,214.55 an ounce.