Tuesday 16 July 2019 ,
Tuesday 16 July 2019 ,
Latest News
  • 9 killed as train hits microbus in Sirajganj
  • No more unplanned construction, industrialisation: PM
  • Plan underway to air all good classes thru’ TV channel: Dipu Moni
  • PM stresses waterway connectivity with India to promote trade
  • No gas, power connection to industries set up in undesignated areas: Nasrul
  • Nusrat murder: HC orders probe against addl magistrate
9 June, 2018 00:00 00 AM
Print

Asian markets stagger into weekend as G7 approaches

AFP
Asian markets stagger into weekend as G7 approaches
French President Emmanuel Macron says his G7 partners should not be afraid of making a deal without the US at the weekend's summit. Photo Courtesy : Yahoo

Asian markets retreated yesterday at the end of a broadly positive week, with traders turning their attention to a Group of Seven summit that could see world leaders clash with Donald Trump over his latest tariff provocations, reports AFP from Honk Kong.

While there remain concerns about a possible trade war and other geopolitical issues, equities have enjoyed a positive run since last Friday’s strong US jobs report that fuelled optimism in the global outlook.

The euro has also held on to its latest gains on expectations the European Central Bank will soon start winding down its crisis-era stimulus, while oil added to Thursday’s rally as Venezuela struggles to produce and export.

Japan’s Nikkei ended 0.6 per cent down with dealers unmoved by news confirming Japan’s economy shrank for the first time in two years in January-March.

Hong Kong sank 1.8 per cent after a six-day winning run and Shanghai slipped 1.4 per cent despite forecast-beating trade data.

Sydney lost 0.2 percent, Singapore was down one per cent and Seoul dropped 0.8 percent. Taipei, Manila and Jakarta were also sharply lower.

In early European trade London and Paris each fell 0.7 percent, while Frankfurt sank more than one percent.

As leaders arrive in Quebec for the G7 meeting, there is talk that Trump could expect some harsh words after he imposed tariffs on steel and aluminium from Canada, Mexico and the European Union.

The move has led to retaliatory measures and sparked fears of a global trade war.

“Usually (the G7 summit is) a non-event for markets but with all the focus on escalating trade tensions amongst long-standing allies, there’s a good reason for investors to be chary as this meeting is unlikely to follow an orderly arrangement of discussion,” said Stephen Innes, head of Asia-Pacific trade at OANDA.

“Even more so as Canada and Mexico have retaliated against a range of US exports and the EU has promised to do so as well.”

Canadian Prime Minister Justin Trudeau and German Chancellor Angela Merkel have said they expect tense discussions, while France’s Emmanuel Macron said governments should not be shy about making deals without Washington.

The White House’s stance on environmental issues is also expected to be on the agenda.

However, there is hope over China-US trade talks after they reached a deal allowing Chinese telecoms equipment maker ZTE to pay a $1.4 billion fine instead of being hit by a seven-year ban on selling to US firms.

Oil prices dipped a day after jumping at least two per cent on a report that major producer Venezuela was struggling to ship its commodity.

Also providing support were signs of cracks in oil cartel OPEC, with some members not as keen as kingpin Saudi Arabia to end an output cap that has been in place with Russia for two years.

“While oil prices may have seen their near-term peaks, it’s highly unlikely prices will collapse but rather OPEC, through gradual supply increases, will guide prices low enough so US consumers will not feel the pinch, yet remain high enough to benefit the industry going forward,” Innes added.

Comments

Poll
Today's Question »
State minister for power Nasrul Hamid yesterday said everyone to have access to electricity by June. Do you think the feat achievable by the timeframe?
 Yes
 No
 No Comment
Yes 48.8%
No 47.2%
No Comment 4.0%
Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
010203040506
07080910111213
14151617181920
21222324252627
28293031

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting