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Home / Business / Asian stocks are struggling close to eight months in trade jitters by Reuters

Asian stocks are struggling close to eight months in trade jitters by Reuters



© Reuters. FILE PHOTO: Men look at stock prices outside a broker in Tokyo

By Swati Pandey and Wayne Cole

SYDNEY (Reuters) – Asian stocks withdrew from eight-month highs on Thursday when investors took money off the table in the midst of New concerns about the ongoing talks between Chinese and American commerce and their impact on global growth prospects.

Spreadbetters pointed to a worse start for European equities with futures for London's return of 0.3 percent, while in Germany and Eurostoxx each fell 0.1

percent. E-minis for was a shade weaker.

MSCI's widest index for Asia-Pacific stocks outside Japan fell 0.4 percent after five fast-winning wins took the highest since late August. The losses were led by Australia and New Zealand, while Hong Kong, the Philippines and Indian markets were also in red.

Chinese stocks were firmer with the Blue Play index up 0.6 percent, while Japan stopped near a peak of the last month. [19659004] Analysts pointed out the exhaustion of investors and the lack of fresh headlines on Chinese-US trade negotiations for Thursday's sales, while disappointing US economic data this week also hung heavily on emotions.

"It would take some significant breakthroughs, such as a total removal of tariffs implemented last year to give the markets a fresh boost," said JP Morgan Asset Management Asia Pacific Market Strategy Tai Hui.

The risk sentiment has otherwise been supported by this Week of Signs of Progress in Chinese-American Trade Negotiations White House's Financial Advisor Larry Kudlow said Wednesday that the two sides are aiming to bridge differences during conversations, which can last beyond three days this week.

Investors are keen after seeing if ongoing talks lead to an earlier than anticipated meeting between US President Donald Trump and his Chinese counterpart Xi Jinping for consent.

"It will also be an important question whether an agreement will suffice to revive business feelings and the global trading cycle, says JPMorgan's Tai.

"We believe in the margin it would help, but practically every investor we" I've talked to in Asia over the past six months and believe that friction will still flare up from time to time between the two sides. "

Bloomberg reported Thursday that the United States wanted to set a 2025 target for China to meet trade commitments. [19659004] The plan will see China pledge to buy more US goods, including soybeans and energy products, and allow full foreign ownership for US companies operating in China as a binding pledge.

Traders were also squared by positions ahead of US job data culprits on Friday after previous disappointments this week, Wednesday figures showed that service sector activity hit more than 19 months in March, while private wages grew less than expected, suggesting softness in the world's largest economy.

In the foreign exchange market, movements were modest after major overnight fluctuations when all major currencies reached against the security yen.

On Thursday, the dollar was slightly lower against a basket of currencies on 97.06, although it nudged up against the yen.

Euro was 0.1 percent high $ 1,126, while Sterling received $ 1,3185 after Britain's Prime Minister Theresa May held talks with the opposition Labor Party in an attempt to break the Brexit door that could lead to a weaker deal with the EU. 19659004] The lower parliament of Britain's parliament late on Wednesday also passed narrow legislation that would force May to seek a delay to Brexit to prevent the risk of leaving without agreement on April 12.

In the commodity markets were nudged up to $ 1,292.96 per ounce.

eased 9 cents to $ 62.37, while it rose 4 cents to $ 69.27. [O/R]

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