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Asia Stocks Slip as China Shows Signs of Slowdown: Markets Wrap

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Posted on : July 17, 2018

Asian stocks declined as data indicated a slowdown in China’s economy in the second quarter. Crude declined and the yen traded near the weakest level since January.

Equities from Sydney to Hong Kong dropped. Volumes were down in most markets with Japan shut for a public holiday. The yen held its recent losses after posting its biggest weekly slide in 10 months. Oil slipped below $71 a barrel amid speculation the Trump administration is considering tapping into emergency crude supplies. U.S. equity futures ticker higher after Friday’s gains pushed the S&P 500 back above 2,800, with a pause in trade tensions outweighing a mixed start to the earnings season.

Trade tensions have eased somewhat as officials in Beijing appeared to moderate their response to President Donald Trump’s tariff threats amid a slowing economy, falling stock market and weakening currency. Data Monday showed China’s economic expansion slowed down slightly from the previous quarter, with industrial output in June missing estimates. Later this week investors expect Federal Reserve Chairman Jerome Powell to lay the groundwork for further tightening.

Terminal users can read more in Bloomberg’s Markets Live blog.

These are some key events coming up this week:

  • Earnings season continues with reports due from companies including: Bank of America, BlackRock, Goldman Sachs, Morgan Stanley, American Express, Netflix, Microsoft, Taiwan Semiconductor Manufacturing, Unilever, Johnson & Johnson and IBM.
  • U.S. President Trump and Russian President Vladimir Putin hold their first summit together.
  • Fed’s Powell delivers the semi-annual Monetary Policy Report to the Senate Banking Committee and answers lawmakers’ questions.

And here are the main market moves:

Stocks

  • Hang Seng drops 0.3 percent as of 10:18 a.m. in Hong Kong.
  • Shanghai Composite declined 0.6 percent.
  • Australia’s S&P/ASX 200 Index fell 0.4 percent.
  • South Korea’s Kospi index slipped 0.2 percent.
  • Futures on the S&P 500 Index were up 0.1 percent. The underlying gauge rose 0.1 percent Friday.

Currencies

  • The Japanese yen slid 0.1 percent to 112.51 per dollar.
  • The offshore yuan slipped 0.1 percent to 6.7163 per dollar.
  • The euro was little changed at $1.16821.
  • The British pound rose 0.1 percent to $1.3236.
  • The kiwi dollar climbed 0.2 percent to 67.63 U.S. cents.

Bonds

  • The yield on 10-year Treasuries dipped two basis points to 2.83 percent Friday.
  • Australian 10-year government bond yields were steady at 2.63 percent.

Commodities

  • West Texas Intermediate crude declined 0.5 percent to $70.66 a barrel.
  • Gold fell 0.2 percent to $1,241.91 an ounce.

    Read more: https://www.bloomberg.com/news/articles/2018-07-15/asia-stocks-signal-mixed-start-ahead-of-china-data-markets-wrap

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