China hopes WTO members support multilateral trade system: MOC

29 June, 2018, 18:39 | Author: Mary Valdez
  • China Says Its Trade Practices Benefit World

USA crude futures last traded at US$72.50 a barrel, down 0.37 per cent in early Asian trade.

U.S. President Donald Trump's administration unveiled a plan for a stronger security review process of foreign investors acquiring domestic technologies, after earlier indicating it would specifically block Chinese investments.

China, which has pledged to further open up its economy this year, might additionally adjust its policies due to economic uncertainty arising from the trade friction, the Global Times said.

After a morning rally, the S&P technology.SPLRCT and industrial.SPLRCI sectors, which have a relatively high revenue exposure to China, fizzled.

MSCI's broadest gauge of the world's stock markets fell to its lowest level in nearly three months, on course to post its fourth month of loss in the last five. The Nasdaq composite added 0.4 percent to 7,561.63.

MSCI's broadest index of Asia-Pacific shares outside Japan fell as much as 0.52 percent to hit a new near nine-month low, before it recovered some ground, while Japan's Nikkei average was flat after erasing earlier losses.

"Chinese stocks have already slid into bear market territory".

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Chinese blue chips sank 2.2 per cent to be a whisker above 13-month lows as a resolution of Sino-US tensions remained a distant prospect. Chinese equities have now fallen 20 percent from a peak in January and are 45 percent lower than a high seen in 2015.

China and the European Union (EU) agreed on Monday to launch a group that will work to update global trade rules to address technology policy, subsidies and other emerging irritants and preserve support for worldwide trade amid USA threats of import controls. The U.S. dollar index.DXY, which measures the greenback against a basket of six other currencies, was up 0.69 percent at 95.249, its second straight day of gains, after it saw the highest levels since last October last week.

The spot yuan market opened at 6.6177 per dollar and was changing hands at 6.6151 as of 0335 GMT, 131 pips or 0.19 per cent weaker than the previous late session close. The kiwi dollar hit its lowest in seven months at US$0.6812. The yuan has dropped 3.1 per cent in June, more than in any other month since 1994 when China unified the market exchange rate. USA gold futures GCcv1 fell 0.44 percent to $1,254.40 an ounce.

The 10-year U.S. Treasury's yield slipped to 2.8492 percent, keeping dollar demand in check.

"For the most part, the spectre of trade wars is still really weighing on risk here and that's what's keeping Treasuries better bid", said Gennadiy Goldberg, an interest rate strategist at TD Securities in NY.

USA crude stocks fell almost 10 million barrels last week while the fall in Canadian exports helped drain supplies of heavy crude across North America.

U.S. crude added 17 cents to US$70.70, having surged 3.6 per cent overnight, while Brent climbed 18 cents to US$76.49 a barrel. President Trump who withdrew the USA from the Iran nuclear deal in May, is pushing foreign nations to cut their oil imports from Iran to zero by November when sanctions on Iran's energy sector will kick in again.



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