Asian Share Markets declined as U.S. and European futures slid
Asian share markets were in a defensive crouch on Wednesday as the White House took a tough line on trade talks with China, while a looming reading on U.S. inflation could scramble the odds for an early cut in interest rates there.
Asian Share Markets
- MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.6% after two days of gains.
- Japan’s Nikkei dipped 0.3%,.
- Shanghai blue chips eased 0.7% following a 3% jump the day before.
- E-Mini futures for the S&P 500 fell 0.2%.
- EUROSTOXX futures lost 0.5%.
“The President’s tweets on the USD have the potential to have much more lasting impact in the coming election year,” he cautioned. “Global conditions are nicely set for what has colorfully been described as a ‘currency war’ or a currency race to ‘the bottom’.”
- The yen rose 0.1% to 108.37 per dollar.
- The offshore yuan slipped 0.1% to 6.9312 per dollar.
- The Bloomberg Dollar Spot Index was flat.
- The euro traded at $1.1338, up 0.1%.
- The Australian dollar dipped 0.2% to 69.46 U.S. cents.
Oil prices eased as concerns about a global economic slowdown offset wagers that OPEC and its allies will extend their supply curbs. Hedge fund managers have been liquidating bullish oil positions at the fastest rate since late 2018 amid increasing economic fears.
- Brent crude futures fell 98 cents to $61.31.
- U.S. crude lost 92 cents to $52.35 a barrel.