Asian stocks rally as weaker yuan eases fear of more tariffs
01:31, Nov 2, 2018
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Selling intensified after Bloomberg reported the U.S.is preparing to announce by early December tariffs on all remaining Chinese imports if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war.
Since March, the Trump administration has introduced several waves of tariffs worth tens of billions of dollars against Chinese goods in an effort to rebuild the U.S. industrial base.
Already, about $250 billion of Chinese goods imported to the US are subject to tariffs.
While the proposed new tariffs have yet to be confirmed, the Bloomberg report is in line with a Wall Street Journal report last week that the U.S. was refusing to "resume trade negotiations with China until Beijing comes up with a concrete proposal to address Washington's complaints about forced technology transfers and other issues".
The Japanese yen fell 0.4 percent to 112.34 per dollar, the biggest dip in nearly two weeks. "I hope the USA side will also show sincerity and negotiate with China in a constructive manner", he added. The yield on the 10-year Treasury note rose to 3.08 percent from 3.07 percent.The price of USA crude oil dropped 0.8 percent to $67.04 per barrel in NY while Brent crude, used to price global oils, lost 0.4 percent to $77.34 per barrel in London.Wholesale gasoline added 0.5 percent to $1.82 a gallon and heating oil slid 0.8 percent to $2.28 a gallon.
MSCI's gauge of stocks across the globe gained 1 percent. The Russell 2000 index of smaller-company stocks fell 6.51 points, or 0.4%, to 1,477.31. The U.S. -China trade war has hurt sales, and that slowdown is one of the factors that have damaged vehicle company stocks this year.
Unfortunately, unilateral demands that sabotage the likelihood of an agreement will translate into further escalations of the trade war, and that will translate into higher prices for everything Americans import from China. China's overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback.
In an interview with the Wall Street Journal last week, China's ambassador to the US Cui Tiankai said Beijing wanted more discussions before it would make a specific offer. Italy's FTSE MIB index rose 1.9% after Standard & Poor's did not downgrade its credit rating.
Germany's DAX rose 1.2% as Volkswagen, Daimler and BMW made big gains. Both were up over 7 percent for the year at the start of October.
USA crude fell 1.28 percent to $66.18 per barrel and Brent was last at $76.07, down 1.64 percent.
Bond prices dipped. The yield on the 10-year Treasury note rose to 3.08 percent from 3.07 percent. Silver fell 1.8% to $14.44 an ounce.
With the S&P 500 falling 3.1% and the Nasdaq tumbling nearly 4.5%, some may have assumed Tesla ( TSLA ) struggled as well. The Tesla representative said that the company did not hide the difficulty of growth of production Model 3.
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Brent crude futures rose 72 cents to settle at $76.89 per barrel as US equities rose amid strong corporate earnings. Meanwhile, Brent oil price for December delivery further increased 0.74 US dollars to 77.63 USA dollars per barrel.
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