Asian Equity Market Handover Extend Slide Ahead Of Trade Talks Outcome

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By :  ,  Financial Analyst

Stock market snapshot as of [09/5/2019 0616 GMT]

  • Asian stock markets continue to extend their slide (except for Australia ASX 200) as U.S and China trade officials kickstart their crucial 2-days of negotiation talk in Washington later today ahead of U.S. administration planned proposal to increase additional tariffs on Chinese imports on Fri. In addition, the Chinese government has vowed to retaliate if U.S. imposes such tariffs in an official statement released yesterday.
  • The USD/CNH (offshore Yuan) has managed to clear above a key medium-term resistance at 6.8000 where it has been reported that the Chinese authorities have tried to defend the 6.8000 level earlier on this Mon, 06 May Asian session after U.S. President Trump’s tariffs threat tweet. It has printed a current intraday high of 6.8385 in today’s Asian mid- session. We have warned earlier in our report published last Fri where the USD/CNH’s bullish configuration can have a detrimental effect on emerging stock markets (MSCI Emerging Markets Index) that explains the Korea Kospi 200 being the worst performer today; down by -2.73% as Korean stocks form the second largest component weightage in the MSCI Emerging Markets Index after China (click here for a recap).
  • The on-going weakness seen in the Asian stock markets have a negative spill-over into the European stock indices futures where the FTSE 100 and German DAX are now showing losses of -0.29% and -0.56% respectively.
  • No major Europeans and U.K economic data releases for today.

 Corporate Highlights (U.K & Europe)

BMO: before market open

*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.

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