29156 May 31, 2019 16:03 FXStreet Market News
29155 May 31, 2019 15:53 FXStreet Market News
29154 May 31, 2019 15:33 FXStreet Market News
29153 May 31, 2019 15:03 FXStreet Market News
29152 May 31, 2019 14:53 FXStreet Market News
29151 May 31, 2019 14:33 ICMarkets Market News
Asian stock markets are mixed on Friday as the positive cues overnight from Wall Street was offset by escalating trade tensions as well as data that showed China’s manufacturing activity for the month of May missed expectations.
U.S. President Donald Trump announced that a 5 percent tariff will be imposed on all Mexican imports from June 10. Trump also said the tariffs will be gradually increased if Mexico does not take steps to curb illegal immigration across the border to the U.S.
Japan’s Nikkei 225 slipped 1.7% in afternoon trade, with the Topix index also trading down by 1.1%. Over in Australia, the ASX 200 traded fractionally higher, while South Korea’s Kospi rose 0.2%. Mainland Chinese stocks were seesawed through the day, with the Shanghai Composite lower by 0.3% and the Shenzhen composite also lower by a similar amount. In Hong Kong, the Hang Seng index shed earlier gains to slip 0.6%.
Bonds extended their bull run with 10-year Treasury yields now down a steep 33 basis points for the month and decisively below the overnight funds rate. Such an inversion of the yield curve has presaged enough recessions in the past that investors are wagering the Fed will be forced to ease policy just as “insurance”. Those declines have kept the U.S. dollar relatively attractive from a yield point of view and it was trading near a two-year high against a basket of currencies at 98.115.
Oil prices fell to their lowest in almost three months on fears a global economic slowdown would crimp demand.
29149 May 31, 2019 14:03 FXStreet Market News
29148 May 31, 2019 13:53 FXStreet Market News
29147 May 31, 2019 13:33 FXStreet Market News
29146 May 31, 2019 13:04 FXStreet Market News
29145 May 31, 2019 12:53 FXStreet Market News