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Home / Business / Asian stocks steady after steep losses; Saudi comments lift the oil

Asian stocks steady after steep losses; Saudi comments lift the oil



SHANGHAI (Reuters) – The stock markets in Asia began on a steady start Monday when investors tried to breathe after a week of rising trade tensions between the US and China.

FILE PHOTO: A man looks at an electronic board showing the Nikkei index outside a brokerage in Tokyo, Japan, January 7, 201

9. REUTERS / Kim Kyung-Hoon

In early trading, the MSCI's broadest index for the Asia-Pacific is shares outside Japan climbed 0.6% after a sharp 3% loss last week. US S & P 500 e-mini futures were also higher and increased 0.5% after losses on Wall Street on Friday.

Dow Jones Industrial Average fell 0.38%, S & P 500 lost 0.58% and Nasdaq Composite fell 1.04%.

Australian stocks jumped 1.4% after the Mid-Right Liberal National Coalition pulled off a shock woman in the federal elections and beat the left Labor Party.

Japan's Nikkei stock index increased by 0.4%, after data showed growth in the world's third largest economy unexpectedly accelerated in the first quarter.

The modest gain on Monday came even as the financial markets kept abreast of the intensifying trade war in Korea and the United States. The Trump administration last week let Huawei Technologies Co. Ltd become a trading blacklist.

The effect of this feature was evident as Alphabet Inc's Google-suspended business with Huawei, which requires the transfer of hardware, software, and technical services, except those that are available for public access through open source licensing.

Google's suspension of business with Huawei "signals that even though trade negotiations are characterized as stopping, when we are important in China, it says there is no point that US dealers come to Beijing under today's circumstances as they did on Friday, so Seems the chance of a G20 deal being more distant, "said McKenna Macro's strategist McKenna in a note to clients.

He noted the Fortress War, continued uncertainty over Brexit and increasing tensions between the US and Iran," McKenna said. The time "headline trade."

"(It is) too early to see the financial consequences of the battle escalate. And such beliefs can be suspended at that time, "he said.

Oil markets saw some active trade early after Saudi Arabia's energy minister said on Sunday that there was consensus among members of the Organization for Petroleum Exporting Countries to maintain production cuts to cautiously reduce

Both US raw and Brent commodities jumped more than 1% after the minister's comments, with West Texas Intermediate retrieving $ 63.51 per barrel and Brent commodity at $ 73.05 per barrel.

In FX markets Recovered China's offshore yuan after touching its weakest level against the dollar since November on Friday, last trading at 6.9280 per dollar

On Friday trading on the yuan weakened by the psychologically important 6.9 Per dollar level, ultimately at its softest level for 19 weeks, sources say the country's central bank is expected to use currency exchange and monetary policy tools to stop it weaker 7-per-cent short-term level.

On Monday, the dollar rose 0.2% against the yen to 110.30, and the euro was up 0.1% at $ 1.1655.

The dollar rate, which tracks the greenback against a basket of six major rivals, was down at 97,980.

The benchmark portfolio yield 10-year government bonds rose to 2.4068% compared to a US 2.393% US close-down on Friday, while the two-year return affected 2.2187%, up from Friday's US $ 2,202%.

Spot gold was 0.1% higher at $ 1,278.42 per ounce. [GOL/]

Reporting by Andrew Galbraith; Editing Shri Navaratnam

Our Standards: Thomson Reuters Trust Principles.

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