Anonymous ID: 8ba880 July 15, 2020, 9:19 p.m. No.9976011   🗄️.is đź”—kun   >>6051 >>6249 >>6462

>>9976003 Asian shares fall despite China GDP beat as Sino-U.S. tensions, virus fears weigh

 

Asian shares and U.S. stock futures fell on Thursday, weighed down by concern about deteriorating U.S.-China relations and the economic cost of a resurgence in coronavirus infections that is prompting some places to reimpose containment measures. Even news that China’s economy rebounded more than expected in the second quarter from a record contraction was not enough to pull regional equities out of the red. MSCI’s broadest index of Asia-Pacific shares outside Japan slid by 0.83%, while Tokyo’s Nikkei fell 0.49%-the broader Topix fell 0.27% to 1,585.27, with almost a third of the 33 sector sub-indexes on the Tokyo exchange trading lower. U.S. S&P 500 e-mini stock futures declined by 0.33%. Shares in China fell 1.06% and Australian stocks shed 0.22% after the country’s jobless rate jumped to the highest since the late 1990s. Shares in Hong Kong, and Seoul also fell. Oil futures fell after OPEC and its allies agreed to scale back output cuts, renewing concerns over excess supply. Risk appetite took a hit due to worries about a wide-ranging dispute between the United States and China over the control of advanced technologies and the protection of civil liberties in Hong Kong. A second wave of coronavirus infections is also triggering a return to restrictions on business activity that threaten economic growth.

 

China’s economy expanded by a better-than-expected 3.2% in the second quarter from a year earlier, returning to growth after a record contraction as lockdown measures ended and policymakers stepped up stimulus. But its recovery is still uneven. Separate data showed China’s industrial output beat expectations in June, but retail sales unexpectedly fell again, suggesting consumer demand remains weak. In the first half of the year, the economy contracted 1.6% from a year earlier, the data showed, underscoring the sweeping impact of the health crisis. On a quarter-on-quarter basis, GDP jumped 11.5% in April-June, the NBS said, compared with expectations for a 9.6% rise and a 10% decline in the previous quarter. U.S. Secretary of State Mike Pompeo on Wednesday said the United States would impose visa restrictions on Chinese firms like Huawei Technologies Co Ltd that he accused of facilitating human-rights violations. President Donald Trump’s administration is also expected to take action in coming weeks to address perceived security risks posed by TikTok and WeChat, two popular Chinese mobile apps, a White House official said on Wednesday. The moves would be the latest salvo in a dispute between Washington and Beijing that has unsettled investors. Investors are also worried about jumps in coronavirus cases in the United States, Australia, and Japan. U.S. crude fell 0.73% to $40.90 a barrel. Brent crude fell 0.5% to $43.57 per barrel following plans from OPEC and its allies to ease supply curbs.

In the currency market the Australian dollar, the New Zealand dollar, and the Chinese yuan all fell against the U.S. dollar amid rising risk aversion.

https://www.reuters.com/article/us-global-markets/asian-shares-fall-despite-china-gdp-beat-as-sino-u-s-tensions-virus-fears-weigh-idUSKCN24G3BL

https://www.marketwatch.com/tools/marketsummary?region=asia

https://www.bloomberg.com/markets/stocks/futures

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