Asian Stocks Mixed on Trade Volleys; Kiwi Slumps: Markets Wrap
Bloomberg.com — Asian stocks were mixed Thursday with Chinese equities again outperforming despite the ongoing tariff to-and-fro between China and the Trump administration. The dollar ticked higher, while oil held on to Wednesday’s losses.
A firmer yen weighed on Japanese shares before the currency gave up its gains, while Chinese and Hong Kong stocks pushed higher as earnings reports offered a respite from the recent sell-off. Stocks also rose in Australia and dipped in South Korea. Treasuries maintained gains made as investors scooped up a record $26 billion 10-year auction. The kiwi tumbled to a two-year low after the New Zealand central bank pushed out its forecast for a rate increase by a year as the outlook for economic growth weakens.
China said it will impose 25 percent tariffs on an additional $16 billion worth of imports from the U.S. from Aug. 23, matching Washington’s latest move in the trade war. Separately, the U.S. announced new sanctions on Russia, saying it’s made a final determination that Moscow was responsible for the March 4 nerve-agent attack on former double agent Sergei Skripal in the U.K. The ruble tumbled.
Elsewhere, crude pared a drop to around a seven-week low after the escalating trade dispute between the world’s biggest economies overshadowed a decline in U.S. crude stockpiles. Bitcoin was steady after dropping for four days, leading a sell-off in digital coins of all sizes.