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Asian stocks retreat from highs amid easing trade tensions

2019-08-14 06:49 am | Resource: News | No Views : 28

 Asian stocks retreat from highs amid easing trade tensions

The upbeat sentiment in the Asian trading session on Wednesday fell towards the end. A truce in trade between the United States and China yesterday prompted Wall Street and lower prices for safe havens such as gold and Treasuries.

Weak risk appetite given the notion that the US Federal Reserve will not be keen to ease policy if the global economy rises at a rapid pace, meaning less incentive to invest in stocks. China has acknowledged tightening downward pressure but also expressed confidence in the results of spending cuts and financial relief.

Chinese industrial production rose 4.8% in July

China's National Bureau of Statistics announced that China's industrial output grew by 4.83% annually in July, less than expected by 6.0%. The increase was also lower than the 6.3% rise in June.

In the first seven months, the total value added of industrial enterprises grew above the specified size by 5.8%. The mining sector increased its output by 6.6% year on year, manufacturing grew by 4.5%, and the production and supply of electricity, thermal energy, gas and water increased by 6.9%. The added value of high-tech manufacturing grew by 6.6%.

Production of state-owned holding companies rose 3.7% year on year, production of joint-stock companies grew 6.1% while the value of foreign-invested companies from Hong Kong, Macao and Taiwan fell 0.2%.

Asian stocks are trading
  • Japan's Nikkei 225 ended 0.98% higher.
  • In the most populous countries, the Shanghai Composite was 0.62% in the green at 8:10 CET,
  • Shenzhen Composite Index rose 0.93%.
  • The Hang Seng rose 0.5% in Hong Kong at 8:26 am CET.
  • South Korea's Kospi rose 0.69%.
  • The S&P / ASX previously rose 0.42% on the day.

The dollar fell 0.34% against the yen to trade at 106.3805 yen at 8:24 CET and the dollar jumped 0.27% to 7.0298 yuan overseas. The People's Bank of China set the yuan's daily pip rate at 7.0312, up from 7.0558 yesterday, but also announced a 100 billion yuan liquidity injection into seven-day reverse repurchase operations.

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