Asian markets flip decrease, pound holds up in opposition to greenback

Asian markets, Nikkei, Donald Trump, Xi Jinping

Asian markets, Nikkei, Donald Trump, Xi Jinping

Asian markets flip decrease, pound holds up in opposition to greenback&nbsp | &nbspPhoto Credit score:&nbspThinkstock

Asian markets edged down on Tuesday as profit-takers stepped in following a latest run-up, whereas the pound maintained good points on hopes Britain will keep away from crashing out of the European Union.

Whereas there have been few catalysts to drive enterprise and Wall Road was closed for a vacation buyers are holding tabs on developments in varied points together with the US authorities shutdown, Brexit and China’s stuttering financial system.

The optimism surrounding China-US commerce talks was jolted by a Bloomberg Information report that mentioned the 2 sides had been struggling to succeed in settlement on the essential matter of mental property, which is a key supply of anger in Washington.

Whereas headlines concerning talks earlier this month had been upbeat, and eyes flip to a different assembly together with China’s high negotiator Liu He on the finish of January, the Bloomberg story, referencing unnamed sources, supplied a actuality test.

In early commerce Hong Kong and Shanghai every dipped 0.5 per cent, whereas Tokyo went into the break 0.1 per cent decrease.

Sydney additionally slipped 0.5 per cent, Singapore shed 0.2 per cent and Seoul was 0.four per cent decrease whereas Wellington and Taipei had been additionally effectively down.

Considerations in regards to the outlook led the Worldwide Financial Fund to decrease its development forecasts for the worldwide financial system, citing the commerce row, Brexit and different issues.

On forex markets the pound edged up barely in opposition to the greenback, having bounced on Monday after British Prime Minister Theresa Could mentioned she would attempt to hammer out adjustments to her Brexit deal that was roundly rejected by MPs final week.

Whereas there isn’t a plan in place to depart the EU on March 29, markets are assured lawmakers will keep away from a harmful no-deal Brexit, with choices being touted being a delay to the leaving date and one other referendum.

The pound “has been helped by ongoing optimism {that a} exhausting Brexit might be averted on 29th March”, mentioned Ray Attrill, strategist at Nationwide Australia Financial institution.

He identified that MPs from either side of the aisle had proposed a invoice pushing for a delay if an settlement can’t be agreed in parliament by February 26.

“There is a good likelihood this will get up. In that case, it additional flattens the tail threat of a tough Brexit on March 29, although be aware all 27 EU nations might want to conform to an extension, so it would not get rid of the danger utterly.”

Oil costs prolonged Monday’s losses that got here in response to knowledge exhibiting China’s financial system grew final yr at its slowest tempo for nearly three a long time.

– Key figures round 0230 GMT –

Tokyo – Nikkei 225: DOWN 0.1 p.c at 20,706.66 (break)

Hong Kong – Dangle Seng: DOWN 0.5 p.c at 27,072.81

Shanghai – Composite: DOWN 0.5 p.c at 2,598.59

Pound/greenback: UP at $1.2893 from $1.2892 at 2100 GMT Friday

Euro/greenback: UP at $1.1372 from $1.1370

Greenback/yen: DOWN at 109.57 yen from 109.63

Oil – West Texas Intermediate: DOWN 4 cents at $53.76 per barrel

Oil – Brent Crude: DOWN seven cents at $62.67 per barrel

London – FTSE 100: UP 0.03 p.c at 6,970.59 factors (shut)

New York – Closed for public vacation

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