Asian stock markets slipped after Weak China Data

Asian stock markets shuddered lower on Friday after shockingly weak export data from China heightened market fears about a global economic slowdown, a day after European policymakers slashed growth forecasts for the bloc.

Asian stock Markets

  • Japan’s Nikkei dropped 2.0 percent.
  • Australia shares dropped 0.9 percent.
  • MSCI’s broadest index of Asia-Pacific shares outside Japan skidded 1.2 percent to a two-week trough.
  • E-Mini futures for the S&P 500 eased 0.2 percent.

Currency

  • The greenback reached a new 2019 high against a basket of currencies, before steadying at 97.537.
  • The euro cowered at $1.1198.
  • The euro also shed over 1 percent on the yen overnight and was last trading at 124.57 yen.
  • The safe-harbour Japanese currency was one of the few to hold its own on the dollar, firming to 111.28.

Commodities

In commodity markets, the rise in the dollar restrained gold

  • Gold traded at $1,287.86 per ounce.
  • Oil prices eased as U.S. crude output and exports climbed to record highs, undermining efforts by producer club OPEC to tighten global markets. 
  • U.S. crude was last down 38 cents at $56.28 a barrel.
  • Brent crude fell 49 cents to $65.81.

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