Asian markets mixed but trade war fears fester

Asian markets mixed but trade war fears fester

Stocks sank in morning trade as Beijing and Washington hurtled towards an end-of-week tariff deadline that has kept investors in China nervous, although they recouped their losses and ended the day in positive territory.

Beijing has said it will retaliate with tariffs on U.S. products.sssThe onshore yuan last traded at 6.6299 against the dollar, up 0.21 percent on the day, after opening at 6.6365.

The yuan tumbled overnight amid trade tensions with the United States, before China's central bank intervened to calm jittery investors.

Hong Kong's markets were closed for a holiday.

"Both the euro and the dollar benefit because both are seen as safe havens". ING added it did not see any panic in the market.

Oil prices were lower on Monday, with U.S. West Texas Intermediate crude futures falling 0.88 percent to trade at $73.50 per barrel and Brent crude futures dropping 1.11 percent to $78.35. Euro zone business survey data is due at 0800 GMT.

But a July 6 deadline is looming for Washington to impose tariffs on $34 billion worth of Chinese goods that Beijing has vowed to match with tariffs on USA products.

China is not using yuan depreciation as a tool in its trade conflict with the USA, and will likely step in to avert any disorderly decline, according to Morgan Stanley.

Lions kill suspected rhino poachers who sneaked onto South African reserve
More than 1,000 rhinos were killed illegally in South Africa past year , a shocking rise since 2007, when only 13 were killed. In 2016, poachers successfully killed three of the reserve's rhinos and made off with their severed horns.

Asian stocks slipped on Wednesday and European markets also opened lower, underlying investor nervousness. It had previously forecast 6.4 yuan per dollar in each year. The fresh declines came as the yuan continued to weaken, with the currency trading at 6.6503 to the dollar at 3:10 p.m. HK/SIN.

"Recently the foreign exchange market has shown some volatility and we're paying close attention to that", Yi said in a statement responding to a request by the China Securities Journal posted on the central bank's website. "Our base case remains that some form of negotiated solution will be reached, but things are likely to get worse before they get better", Shane Oliver, chief economist at AMP Capital, said in a Saturday note.

Investors are awaiting the publication on Thursday of minutes from the Federal Reserve's June meeting, and Friday's United States jobs data, for validation of policymakers' forecasts for two more rate hikes this year.

Valuations remain supportive of the dollar, with its trade-weighted basket still below long-term averages and the market pricing in two more interest rate hikes for 2018.

The Australian dollar, which is considered a liquid proxy for China-related risk, took heart from solid domestic retail sales data and edged up to $0.7404, moving away from an 18-month trough around $0.7311.

The Mexican peso rose sharply on Tuesday after Andres Manuel Lopez Obrador, the newly elected president, sought to soothe investors - magnifying a global bounce in emerging market assets.

World stocks rose on Tuesday, supported by broad gains in Europe and rising oil prices, even though markets across Asia remained in the grip of trade turbulence. Visit MarketWatch.com for more information on this news.

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