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Asian stocks close to six-month lows due to trade war

2019-08-05 06:29 am | Resource: News | No Views : 36

 Asian stocks close to six-month lows due to trade war

Asian stocks approached Monday's six-month low as economic data in China and Japan indicated a temporary contraction in the services sector, while the Chinese yuan fell below the dollar level for every seven for the first time in 11 years. The move was caused by investors searching for safe havens after US President Donald Trump announced he would impose a 10 percent tariff on the remaining 300 billion US dollars in goods from September.

Japan's services sector fell slightly in July

On the data front, Japan's service sector fell slightly in July, according to a report by EHSMarket on Monday. Japan's PMI fell from 51.9 in June to 51.8 in July while the composite output index remained unchanged at 51.2.

Although the latest survey data showed more inflows of new business in Japanese service providers, the rate of increase slowed in July to a one-year low amid reports in some companies of weak sales. Employment levels rose for the 31st straight month, while job creation fell to its lowest level since last October. However, respondents generally said they were optimistic that business activity would rise next year.

"Japan's service sector continued to decline side by side at the beginning of the third quarter, failing to break the modest expansion trend we have seen so far this year," said Joe Hayes, economist at IHSMarket. "However, there was some evidence that the basic services economy was losing momentum."

Asian stocks are trading
  • The Nikkei 225 <.N225> was down 1.97% at 7:47 am CET.
  • The South Korean Kospi Index fell 2.41% at 7:30 am CET.
  • The Australian B / ASX 200 Index was down 1.84% at 7:50 am CET.

 While the dollar fell 0.63% against the yen, reaching 105.9165 yen at the same time.

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