April 4, 2018 / 9:09 PM / a year ago

UPDATE 1-Asia Morning Call-Global Markets

    April 5 (Reuters) - 
 Stock Markets                  Net Chng    Stock Markets                    Net Chng
 S&P/ASX 200**   5,761.4        9.5         NZX 50**            8,398.08     68.15
 DJIA**          24,264.3       230.94      NIKKEI**            21,319.55    27.26
 Nasdaq**        7,042.107      100.825     FTSE**              7,034.01     3.55
 S&P 500**       2,44.69        30.24       Hang Seng**         29,518.69    -661.41
 SPI 200 Fut     5,765          22.00       STI**               3,339.7      -72.45
 SSEC**          3,131.8391     -4.79       KOSPI**             2,408.06     -34.37
 Bonds                          Net Chng    Bonds                            Net Chng
 JP 10 YR Bond   0.029          -0.005      KR 10 YR Bond       2.618        -0.016
 AU 10 YR Bond   2.669          0.035       US 10 YR Bond       2.8082       0.025
 NZ 10 YR Bond   2.795          0.005       US 30 YR Bond       3.0423       0.025
 Currencies                     Net Chng                                     Net Chng
 SGD US$         1.3121         0.0008      KRW US$             1,057.28     3.34
 AUD US$         0.7717         0.00335     NZD US$             0.7304       0.0048
 EUR US$         1.2277         0.0008      Yen US$             106.8        0.21
 THB US$         31.21          0.04        PHP US$             52.04        0.161
 IDR US$         13,763         0           INR US$             65.04        0.05
 MYR US$         3.868          0.004       TWD US$             29.148       0.006
 CNY US$         6.3027         0.0164      HKD US$             7.8487       0.0002
 Commodities                    Net Chng                                     Net Chng
 Spot Gold       1,333.27       0.82        Silver (Lon)        16.3         -0.073
 U.S. Gold Fut   1,337.1        -0.2        Brent Crude         68.21        0.09
 Iron Ore        CNY438.0       -9          TRJCRB Index        -            -
 TOCOM Rubber    JPY177         -2.6        LME Copper          6,713        -83
    ** indicates closing price 
    All prices as of 20:46 GMT

    GLOBAL - Oil edged higher and stocks on Wall Street recouped steep initial losses
on Wednesday after China retaliated in a trade spat with the United States, but
investors set aside concerns as any impact from a budding tariff war is still unknown.
    The benchmark S&P 500 and Nasdaq composite closed more than 1 percent higher, with
the Dow industrials just below that mark as the initial scare of an escalating dispute
    For a full report, click on
    - - - -
    NEW YORK - 
    Wall Street's three major indexes staged a comeback to close around 1 percent
higher on Wednesday as investors turned their focus to earnings and away from a trade
conflict between the United States and China that wreaked havoc in earlier trading.
    After investors fled equities in the morning due to proposed retaliatory tariffs
from China, their concerns about a potential trade war eased by the afternoon after
Trump's top economic adviser Larry Kudlow said the administration was in a
"negotiation" with China rather than a trade war.
    For a full report, click on
    - - - -
    LONDON - 
    European shares fell for a second day after China unveiled new tariffs against U.S.
products, increasing concerns of an escalating trade standoff between the two
    The pan-European STOXX 600 index and Germany's exporter-heavy DAX
fell 0.5 and 0.4 percent respectively, suffering their second straight day of losses.
    For a full report, click on

    - - - -
    TOKYO - 
    Japanese stocks edged higher on Wednesday in choppy trade as some automakers rose
after they reported strong U.S. sales numbers, helping offset the impact of a stronger
    The Nikkei added 0.1 percent to 21,319.55 after traversing positive and
negative territory through the session.
    For a full report, click on
    - - - -
    China stocks gave up early gains and ended slightly lower on Wednesday as investors
trimmed their equity exposure ahead of the Tomb-sweeping holiday break and as they
braced for Beijing's countermeasures against U.S. tariffs on Chinese exports.
    Both the blue-chip CSI300 index and the Shanghai Composite Index
dipped 0.2 percent, to 3,854.86 points and 3,131.11 points, respectively.
    For a full report, click on
    - - - -
    Australian shares are expected to rise on Thursday in line with a stronger close
from Wall Street, as fears of a global trade war eased slightly and investors eyed
    The local share price index futures rose 24 points to 5767, 5.6 point
premium to the S&P/ASX 200 index close. The benchmark rose 0.2 percent on
    For a full report, click on
    - - - -
    SEOUL - 
    South Korea's KOSPI stock index extended losses on Wednesday, as trade
tensions between the United States and China flared back again, while the won edged
down on the local platform and bond yields fell.
    At 06:32 GMT, the KOSPI was down 34.37 points or 1.41 percent at 2,408.06, weighed
down by U.S. President Donald Trump administration's announcement about imposing 25
percent tariffs on $50 billion worth imports from China. Beijing's commerce ministry
warned it was preparing countermeasures of equal intensity.
    For a full report, click on
    - - - -

    NEW YORK - 
    The dollar recovered against the yen and Swiss franc on Wednesday, bolstered by a
rebound on Wall Street, as investors turned less pessimistic about the impact of
China's move to slap tariffs on key U.S. imports in response to a similar measure from
the United States.
    Some analysts said the trade tension may not have as severe an impact on the dollar
as initially thought. And if it ends up having an impact, it could be either a positive
or negative factor for the greenback.
    For a full report, click on

    - - - -
    China's yuan slipped further against the dollar on Wednesday afternoon after
Beijing hit back against the United States with additional tariffs on some U.S. goods,
a swift retaliation that triggered a broad risk-off move in global markets.
    China's finance ministry said it will impose additional tariffs of 25 percent on
106 U.S. goods including soybeans, autos, chemicals, some types of aircraft and corn
products, among other agricultural goods. The products targeted by the tariffs were
worth $50 billion in 2017. 
    For a full report, click on
    - - - -
    The Australian dollar breached key technical level of 77 U.S. cents on Wednesday
after better-than-expected data on retail sales while its New Zealand cousin climbed to
one-week highs on stronger milk prices.
    The Aussie added 0.3 percent to $0.7710 from Tuesday's low of $0.76520.
The currency has been flirting with the 77-cent mark in the past week but has been
unsuccessful in sustaining gains above that level.
    For a full report, click on
    - - - -
    SEOUL - 
    South Korea's KOSPI stock index extended losses on Wednesday, as trade
tensions between the United States and China flared back again, while the won edged
down on the local platform and bond yields fell.
    The won was quoted at 1,059.8 per dollar on the onshore settlement platform
, 0.53 percent weaker than its previous close of 1,054.2.
    For a full report, click on
    - - - -
    NEW YORK - 
    U.S. Treasury yields rose on Wednesday and stocks recovered much of their earlier
losses, after China retaliated against the Trump administration’s plan to impose
tariffs on Chinese goods.
    Benchmark 10-year note yields rose to 2.784 percent, after earlier
falling to 2.748 percent on safety buying.
    For a full report, click on
    - - - -
    LONDON - 
    Euro zone borrowing costs fell on Wednesday, led by Italy, as rising U.S.-China
trade tensions lifted demand for safe-haven assets and data showed inflation in the
bloc picked up last month but remained subdued.
    Italy's 10-year yields, which move inversely to price, fell 4 basis points to a
3-1/2 month low of 1.74 percent, and the spread over benchmark Germany was at its
tightest in nearly two months at 124 bps.,
    For a full report, click on
    - - - -
    TOKYO - 
    Longer-dated Japanese government bond prices gained on Wednesday on steady investor
demand for debt at the start of the new domestic fiscal year.
    Super-long JGB yields fell to 16-month lows amid demand from investors such as life
insurers and pension funds seen to be purchasing bonds to balance their portfolios at
the start of the fiscal year, which began April 1.
    The 30-year yield fell 0.5 basis point to 0.710 percent, lowest
since December 2016. The 40-year yield was down 1 basis point at 0.845
percent, also the lowest since December 2016.
    For a full report, click on

    Gold prices eased from a one-week high, but still remained up on Wednesday, as the
U.S. dollar dipped versus the yen and share markets faltered after China retaliated
against a U.S. move to slap tariffs on $50 billion worth of its imports.
    Spot gold was up 0.2 percent at $1,335.66 per ounce by 1:33 p.m. EDT (1733
GMT), while U.S. gold futures futures for June delivery settled up $2.90, or
0.2 percent, at $1,340.20.    
    For a full report, click on
    - - - -
    Chinese iron ore futures dropped for a second session in a row on Wednesday as
worries about rising stockpiles and falling demand from steel mills countered news of a
major outage in Brazil, one of the world's top producers.
    The most-active iron ore for September delivery on the Dalian Commodity Exchange
 settled down 4.2 percent at 438.5 yuan ($69.51).
    For a full report, click on
    - - - -
    Copper snapped a four-session winning streak on Wednesday after China slapped
tariffs on U.S. goods, amid an escalating trade dispute between the world's two largest
    Benchmark copper on the London Metal Exchange ended down 1.1 percent at
$6,724 per tonne. The metal used in power and construction recorded its worst one-day
performance in over two weeks.
    For a full report, click on
    - - - -
    Oil prices settled slightly lower on Wednesday, as a surprise draw in U.S. crude
stockpiles triggered a rebound from session lows hit after China proposed a broad range
of tariffs on U.S. exports that fed fears of a trade war.

Both Brent and U.S. crude slid to two-week lows after China, the world's largest
importer of raw materials, hit back at the Trump administration's plan to levy tariffs
on $50 billion of its goods, proposing duties on a broad range of U.S. imports.
    For a full report, click on
    - - - -
    Malaysian palm oil futures edged up on Wednesday evening in its third session of
gains in four, as traders forecast end-March stockpiles to be lower when official data
comes in next week.
    The benchmark palm oil contract for June delivery on the Bursa Malaysia
Derivatives Exchange rose 0.7 percent to 2,454 ringgit ($634.44) a tonne at Wednesday's
close of trade.
    For a full report, click on
    - - - -
    Benchmark Tokyo rubber futures gave up early gains to close lower on Wednesday,
extending falls into a third session, amid fears that escalating U.S.-China trade
tensions may hurt the global economy.
    The Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery
, finished 0.5 yen lower at 179.6 yen ($1.7) per kg, after rising to a
high of 180.9 yen earlier in the session.
    For a full report, click on
    - - - -

 (Bengaluru Bureau; +91 80 6749 1130)
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