DAILY MARKET NEWS

U.S.-China-Trade-War-Cover

EQUITIES

Asian shares mostly mixed today, with mainland Chinese stocks, China's Shanghai Composite leading the gain at 2.27%, and Hong Kong's Hang Seng up 1.28%. Meanwhile, Nikkei 225, Australia S&P/ASX 200 and Singapore’s all retreated each by -0.91%, -0.98% and -0.09%, respectively.

Markets in South Korea are closed on Monday for a holiday.

OIL

Oil prices advanced on Monday. Brent crude futures traded to $45.08 a barrel, while U.S. crude at $42.34.

On Friday, Brent closed at $44.80 per barrel, while WTI futures ended at $42.01 per barrel.

CURRENCIES

Against a basket of currencies, the dollar was a fraction lower at 93.01, still uncomfortably close to the recent trough of 92.521.

The U.S. dollar began Monday caught between pressure from worries about the lagging U.S. economic recovery and support from rising U.S. bond yields and safe-harbour demand.

The Japanese yen traded at 106.54 per dollar, weakening from levels below 106.4 against the greenback last week. The Australian dollar changed hands at $0.7195 after touching the $0.711 handle last week.

GOLD

Gold currently trading at $1,940.60 per ounce, while stands around $1,949.60 per ounce for gold futures. Previously closed at $1,944.80 and $1,949.80, respectively.

Silver trading at $26.23, platinum trading at $938.00 and palladium trading at $2,042.00.

ECONOMIC OUTLOOK

Stocks in Asia Pacific traded mixed Monday morning as tensions between the U.S. and China continue to weigh on investor sentiment. Planned U.S.-China trade deal review initially set for Saturday was delayed with no new date agreed upon.

Japan’s economy recorded sharpest contraction on record, shrank 27.8% on an annualized basis in April-June, according to government data released Monday.

Thailand GDP shrank 12.2% from a year ago, the biggest fall since the Asian financial crisis in 1998.

China’s central bank said in a statement Monday it was keeping the rate on 700 billion yuan ($100.74 billion) worth of one-year medium-term lending facility (MLF) loans to financial institutions steady at 2.95% from previous operations, apart from expecting no change for the country’s LPR on Thursday.

China’s top economic planner, the National Development and Reform Commission (NDRC), said it approved 11 fixed-asset investment projects worth 38.2 billion yuan ($5.50 billion) in July.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 21.826 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 773 thousand fatality globally.