China’s stock sell-off eased after the biggest decline in more than three months, while Japanese shares slumped as the yen strengthened. Ten-year Treasury yields hit a fresh seven-year high as they resumed trading after a holiday.
Stocks posted modest rises in Shanghai and Hong Kong as investors weighed increasingly attractive valuations against deepening U.S.-China tensions. The yuan also gained in onshore trading after sliding on Monday. The yen’s Monday climb, when Japan’s markets were shut, left Japanese stocks under pressure today. Meantime, the IMF’s first reduction in its outlook for global growth since 2016 underscored headwinds to stocks going forward -- particularly outside the U.S., which continues to benefit from tax cuts.
“China has been selling off because of dollar strength but also because of the weak data” showing the country’s economy in a slowdown, David Hauner, a cross-asset strategist at Bank of America Merrill Lynch, said in an interview with Bloomberg Television. “For China to rally you really need the domestic picture to improve. The external picture is unlikely to help much.”
US After Hours BLKB -12.5%, PPG -10% following guidance, TSLA Upgraded by Macqaurie +2.1%
Nikkei -1.42% Hang Seng +0.23% CSI -0.05% Shanghai +0.14% Shenzen -0.19%
Eur$ 1.1486 CNH 6.9172 CNY 6.9174 JPY 113.09 GBP 1.3089 RUB 66.6913 CHF 0.9931 TRY 6.0914 WTI$ 74.66 +0.50%
S&P -0.22% EuroStoxx +0.06% FTSE +0.06% Dax -0.02% SMI -0.03%
Makor :
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- Watch Auto Stocks Ahead of Possible Tougher EU Emissions Caps
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