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Asian markets in retreat ahead of Easter break
HONG KONG, April 18, 2019 (BSS/AFP) – Asian markets fell Thursday as
investors in most countries wound down going into the long Easter break, with
positive comments on the China-US trade talks and healthy Chinese growth
unable to fire buying activity.
Donald Trump’s key trade negotiator Robert Lighthizer is reportedly
preparing to visit Beijing at the end of the month for another round of top-
level talks aimed at ending the long-running tariffs spat.
The Wall Street Journal story was followed by the president saying he was
optimistic the talks would be “successful”, and telling reporters there would
be an announcement “very, very shortly”.
The upbeat developments were the latest to give hope for an end to a row
that has dragged on the global economy and contributed to a market sell-off
at the end of last year.
However, investors seemed unmoved, with Wall Street ending down and Asia
also in the red on the final day of business before Easter.
OANDA senior market analyst Jeffrey Halley said the fact that markets
“continue to bumble along in sideways ranges” indicated “a lot of good news –
– both present and future – is already baked into prices at these levels.
“Ahead of the extended Easter holidays and into the end of the month, the
markets may be much more vulnerable to negative headlines than they have been
in recent times.”
– ‘High degree of caution’ –
World markets have enjoyed a stellar year so far thanks to trade talk
hopes as well as a more dovish stance by central banks, led the Federal
Reserve saying it will not lift interest rates this year.
Hong Kong lost 0.5 percent, Shanghai finished down 0.4 percent and
Singapore eased 0.2 percent. Tokyo closed down 0.8 percent.
Mumbai, Wellington and Taipei were also lower, though Sydney was slightly
up.
Jakarta jumped 0.7 percent — and the rupiah rose 0.3 percent — as early
polls suggested business-friendly incumbent Joko Widodo was on course to win
Indonesia’s presidential election.
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ASIA-MARKETS-UPDATE 2 LAST HONG KONG
Seoul tumbled 1.4 percent, with market heavyweight Samsung tumbling more
than three percent after a handful of reviewers said the firm’s $1,980
flagship Galaxy Fold phones had suffered screen damage within days of being
used.
In early trade London and Frankfurt both fell 0.1 percent, while Paris
shed 0.2 percent.
Oil prices were marginally lower after Wednesday’s losses that were
fuelled by a smaller than anticipated drop in US inventories and worries the
US could extend waivers linked to Iranian sanctions.
“Traders are exercising a high degree of caution as the White House has
been very cryptic with regards to policy, which is potentially setting up the
catalyst for prices to knee jerk lower if the administration decides to
increase Iran waiver limits,” said Stephen Innes at SPI Asset Management.
“All the while talk of Moscow backing out of (a deal with OPEC to cut
output) continues to percolate.”
– Key figures around 0810 GMT –
Tokyo – Nikkei 225: DOWN 0.8 percent at 22,090.12 (close)
Hong Kong – Hang Seng: DOWN 0.5 percent at 29,963.26 (close)
Shanghai – Composite: DOWN 0.4 percent at 3,250.20 (close)
London – FTSE 100: DOWN 0.1 percent at 7,467.00
Pound/dollar: UP at $1.3025 from $1.3039 at 2100 GMT
Euro/pound: DOWN at 86.51 pence from 86.63 pence
Euro/dollar: DOWN at $1.1268 from $1.1296
Dollar/yen: DOWN at 111.89 yen from 112.09 yen
Oil – West Texas Intermediate: DOWN 11 cents at $63.65 per barrel
Oil – Brent Crude: DOWN 21 cents at $71.41 per barrel
New York – Dow: DOWN less than 0.1 percent at 26,449.54 (close)
BSS/AFP/HR/1445