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24 Hour Market News

Asian Closing Report

April 6, 2018

Asian cash equity markets traded mostly higher (NIKKEI +0.2%, S&P/ASX +0.2%, HANG SENG +1.3%) despite a slip earlier in the session amid reignited trade war concerns after comments from US President Trump, while markets in China and Taiwan are closed for Tomb Sweeping Day. Trump said he has instructed the Treasury to consider $100 Bln in additional tariffs on China, in light of the unfair retaliation from China. The remarks from Trump caused safe-haven assets, such as the Japanese Yen and Gold, gain as a result of the denting in risk appetite, while US equity futures opened sharply to the downside. We also saw remarks from a US Senior Official, who said the US is willing to negotiate on trade with China, but only if it is serious because attempts previously have resulted in little progress, adding no formal negotiating session has yet been set for China trade talks. Meanwhile, Japanese Chief Cabinet Secretary Suga said it is important for both China and the US to build a relationship that leads to stable growth and development of the global economy. On the data front, Japanese cash earnings beat in February, labour rose 1.3% (f/c +0.5%) y/y and real fell 0.5% (f/c -1.2%) y/y, while overall household spending unexpectedly fell 0.9% (f/c +0.4%) y/y in February.

For a more detailed report, please visit the ‘Market Research’ section.