{"id":34386,"date":"2019-05-08T16:40:44","date_gmt":"2019-05-08T06:40:44","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=34386"},"modified":"2019-05-08T16:40:44","modified_gmt":"2019-05-08T06:40:44","slug":"wednesday-8th-may-trade-woes-continue-to-drag-down-asian-markets","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/wednesday-8th-may-trade-woes-continue-to-drag-down-asian-markets\/","title":{"rendered":"Wednesday 8th May: Trade woes continue to drag down Asian markets"},"content":{"rendered":"<h3><strong>Global Markets:<\/strong><\/h3>\n<ul>\n<li>Asian Stock Markets : Nikkei down 1.43%, Shanghai Composite down 0.75%, Hang Seng down 1.09%, ASX down 0.42%<\/li>\n<li>Commodities : Gold at $1288.45 (+0.22%), Silver at $14.96 (+0.25%), Brent Oil at $70.22 (+0.49%), WTI Oil at $61.87 (+0.77%)<\/li>\n<li>Rates : US 10-year yield at 2.464, UK 10-year yield at 1.159, Germany 10-year yield at -0.030<\/li>\n<\/ul>\n<h3><strong>News &amp; Data:<\/strong><\/h3>\n<ul>\n<li>(NZD) Official Cash Rate 1.50% vs 1.75% expected<\/li>\n<li>(JPY) Monetary Base y\/y 3.10% vs 3.60% expected<\/li>\n<li>(GBP) BRC Retail Sales Monitor y\/y 3.70% vs 2.40% expected<\/li>\n<li>(USD) Consumer Credit m\/m 10.3B vs 17.0B expected<\/li>\n<li>(NZD) GDT Price Index 0.40% vs 0.50% previous<\/li>\n<li>(USD) IBD\/TIPP Economic Optimism 58.6 vs 54.5 expected<\/li>\n<li>(USD) JOLTS Job Openings 7.49M vs 7.35M expected<\/li>\n<li>(CAD) Ivey PMI 55.9 vs 51.5 expected<\/li>\n<\/ul>\n<h3><strong>Markets Update:<\/strong><\/h3>\n<p>Asian stock markets are in negative territory on Wednesday following the weak cues overnight from Wall Street amid worries about escalating U.S.-China trade tensions. U.S. Trade Representative Robert Lighthizer confirmed that the U.S. plans to raise tariffs on $200 billion worth of Chinese goods to 25 percent on Friday.<\/p>\n<p>Mainland Chinese shares were lower, with the Shanghai Composite lower by 1%, and the Shenzhen Component lower by 0.2%. Chinese trade data for April showed both exports and trade surplus missed expectations while imports surprisingly rose. Japan\u2019s Nikkei 225 dropped 1.4%, with shares of index heavyweights SoftBank Group and Fanuc both seeing declines. The Topix index also fell 1.7%. In South Korea, the Kospi was down 0.14%, with Samsung Electronics shares declining more than 0.3%. The Hang Seng index in Hong Kong declined around 1.1%. Australia\u2019s ASX 200 also shed 0.4%, as most sectors traded lower.<\/p>\n<p>In currency markets, the dollar declined for the fourth day and touched a six-week low of 109.905 yen. The Japanese yen, a perceived safe-haven, often gains against its peers in times of market turmoil and political strife.<\/p>\n<p>Crude oil prices had dropped as renewed U.S.-China trade worries stoked concerns of slower global growth crimping demand for commodities. But a relatively tight market conditions due to U.S. sanctions on Iran and Venezuela has provided underlying support for oil prices.<\/p>\n<h3><strong>Upcoming Events:<\/strong><\/h3>\n<ul>\n<li>Tentative &#8211; (CNY) Trade Balance<\/li>\n<li>09:15 AM GMT &#8211; (GBP) MPC Member Ramsden Speaks<\/li>\n<li>12:30 PM GMT &#8211; (EUR) ECB Monetary Policy Meeting Accounts<\/li>\n<li>01:30 PM GMT &#8211; (USD) FOMC Member Brainard Speaks<\/li>\n<li><a href=\"http:\/\/www.icmarkets.com\/education\/forex-news-and-calendar\/\">&amp;more&#8230;<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei down 1.43%, Shanghai Composite down 0.75%, Hang Seng down 1.09%, ASX down 0.42% Commodities : Gold at $1288.45 (+0.22%), Silver at $14.96 (+0.25%), Brent Oil at $70.22 (+0.49%), WTI Oil at $61.87 (+0.77%) Rates : US 10-year yield at 2.464, UK 10-year yield at 1.159, Germany 10-year yield &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/wednesday-8th-may-trade-woes-continue-to-drag-down-asian-markets\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Wednesday 8th May: Trade woes continue to drag down Asian markets<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":34387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[339],"tags":[],"class_list":["post-34386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/34386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=34386"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/34386\/revisions"}],"predecessor-version":[{"id":34388,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/34386\/revisions\/34388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/34387"}],"wp:attachment":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=34386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=34386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=34386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}