Stocks in Asia looking for direction with rates in focus

Tuesday, 16. July 2019 08:05

As the minutes from the latest meeting of the Reserve Bank of Australia showed on Tuesday the widely expected bias toward pushing borrowing costs further into record low territory, equities pared some of the losses in Asian exchanges. United States President Donald Trump stated that he and Chinese President Xi Jinping are "not quite as close now" as he claimed they once were, hinting that a trade deal between the two countries might not be concluded soon.

Following all-time highs on Wall Street, market participants are turning to the European Parliament, where Ursula von der Leyen is making the case for her candidacy to head the next European Commission. The calendar is filled with upcoming speeches by central bankers together with bank earnings in the United States and statistical releases.

The Shanghai Composite dropped 0.3% at 7:47 am CET and the Shenzhen Composite lost 0.26%. The Kospi was looking to finish 0.32% as of 8:02 am CET and the Hang Seng advanced 0.19%. The dollar moved 0.1% up to ¥108.0265 and traded flat at 6.8742 offshore Chinese yuan. while the Nikkei 225 slipped 0.65% in Tokyo at 2:41 am CET. The Australian S&P/ASX 200 stock index closed just 0.1% lower.

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