Thursday, 5 July 2018

  • Asian stocks searched for direction in early trade as trade concerns simmered.
  • European stocks closed mixed, with the Stoxx 600 ending just above breakeven.
  • U.S. markets were closed for Independence Day.
  • China said it would not “fire the first shot” in its trade dispute with the U.S. ahead of a deadline when tariffs are set to take effect.

Asian markets were little changed early during Thursday trade, as investors searched for direction ahead of a deadline when tariffs from the U.S. and China are due to be implemented.

Japan’s Nikkei 225 hovered around the flat line in the morning, inching higher by 0.02 percent. South Korea’s Kospi advanced 0.28 percent. Australia’s S&P/ASX 200 drifted higher by 0.09 percent in early trade.

In currencies, the yuan gained overnight after notching an 11-month low against the dollar earlier this week. The stabilization in the currency came after the People’s Bank of China reassured markets about the currency.

The dollar index, which measures the dollar against a basket of currencies, last stood at 94.508. The People’s Bank of China  set the Yuan reference rate at 6.6180 vs previous day’s fix of 6.6595. The central bank’s targeted reserve requirement ratio (RRR) cut takes effect today and is seen releasing about CNY 700 billion in liquidity. 

Oil prices eased on Thursday after U.S. President Donald Trump sent a tweet urging OPEC to reduce prices for crude. Brent crude futures were at $77.88 per barrel down 36 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.5 percent, at $73.79 per barrel.

Source : Reuters

Published by prashanti forex

Prashanti Forex is managed by a certified treasury professional with an experience of more than 15 years in Finance and Advisory Business. His expertise come from various organisations, where he has gained knowledge and deep understanding of financial environment. His Principle Objective is providing customised advise with excellent service, committing a relationship based on integrity, understanding, honesty and trust. We are glad to offer you a boutique of services which will enable your organisation to enhance the profitability and efficiently manage the business risks. Our Services are : Treasury & Risk Management Solutions Trade Finance Wealth Management

Leave a comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: