Asian shares drift into trade talks, Fed test
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Sunday
July 03, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
SUNDAY, JULY 03, 2022
Asian shares drift into trade talks, Fed test

Global Economy

Reuters
29 July, 2019, 08:35 am
Last modified: 29 July, 2019, 08:41 am

Related News

  • Asian shares end quarter in sombre mood, dollar on high
  • Asian stocks lose bounce from shorter China quarantine, slip on inflation fears
  • Asia stocks edge down after Wall Street falls; oil rises
  • Asian shares rise as investors pause after selloff
  • Asian shares up after Fed lifts rates to tame inflation

Asian shares drift into trade talks, Fed test

Reuters
29 July, 2019, 08:35 am
Last modified: 29 July, 2019, 08:41 am
Asian shares drift into trade talks, Fed test

Asian shares drifted lower on Monday as markets anxiously counted down to a likely cut in US interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline.

US and Chinese trade negotiators also meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough.

Data on the weekend showed profits earned by China’s industrial firms contracted in June, fuelling concerns that the bruising trade war will drag on economic growth.

“We remain cautiously optimistic that both sides can agree on a narrow agreement that addresses important trade-related issues, such as USdemands to increase exports,” said analysts at Barclays in a note.

“That said, we are skeptical about the prospects of a broader agreement that includes the more challenging security-related issues.”

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.4% in slow trade. Japan’s Nikkei dipped 0.5% and Shanghai blue chips 0.2%.

E-Mini futures for the S&P 500 lost 0.1%.

Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move.

More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so.

“The messaging will be key and will help markets determine whether the rate cut is just an “insurance cut”, or the Fed is embarking on a full easing cycle as the market currently prices in,” said Tapas Strickland, director of economics at NAB.

He noted the solid reading on second-quarter USeconomic growth out last week would support those at the Fed arguing for just one or two cuts.

“The US economy remains the least dirty t-shirt in the global laundry basket. The dollar was stronger across the board in response,” said Strickland.

The dollar hit a two-month peak on a basket of currencies at 98.010, and was last trading at 97.921.

The euro stood at $1.1133 on Monday, just above last week’s two-year trough around $1.1102, while the dollar edged back to 108.48 yen.

The dollar had got a helping hand from White House economic adviser Larry Kudlow who on Friday said the Trump administration had “ruled out” intervening to push it lower.

Sterling was pinned near 27-month lows around $1.2375 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a “no-deal” Brexit.

Spot gold was 0.3% firmer at $1,422.55 per ounce, supported by low bond yields globally.

Oil prices drifted down in early trade pressured by the usual concerns about over supply and slowing world demand. [O/R]

Brent crude futures eased 23 cents to $63.23, while UScrude lost 8 cents to $56.12 a barrel.

World+Biz / Top News

Asian shares

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Vehicles ply the Padma Bridge on Sunday marking the beginning of a new era for the country’s southern region. The bridge was inaugurated on 25 June amid much fanfare. PHOTO: MUMIT M
    No possibility of allowing motorcycles on Padma Bridge before Eid: Cabinet Secretary
  • VAT exemption for edible oil likely to get extension till Sept 
    VAT exemption for edible oil likely to get extension till Sept 
  • File Photo: Collected
    Female passengers endure untold sufferings at Kamalapur station

MOST VIEWED

  • FILE PHOTO: A Boeing logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) at Geneva Airport, Switzerland May 28, 2018. REUTERS/Denis Balibouse
    Boeing disappointed after China's top three airlines buy 300 Airbus planes
  • Commodities hit july storm with Putin and powell stirring fear
    Commodities hit july storm with Putin and powell stirring fear
  • Oil and gas account for about half of Russia’s exports.Source: Bloomberg
    The great European energy market bailout is only getting started
  • JPMorgan sees ‘stratospheric’ $380 oil on worst-case Russian cut
    JPMorgan sees ‘stratospheric’ $380 oil on worst-case Russian cut
  • Foreign Policy Illustration
    The 1970s weren’t what you think
  • Crisis to crisis: What Asia learned from the financial chaos of 1997
    Crisis to crisis: What Asia learned from the financial chaos of 1997

Related News

  • Asian shares end quarter in sombre mood, dollar on high
  • Asian stocks lose bounce from shorter China quarantine, slip on inflation fears
  • Asia stocks edge down after Wall Street falls; oil rises
  • Asian shares rise as investors pause after selloff
  • Asian shares up after Fed lifts rates to tame inflation

Features

A Glittery Eid

A Glittery Eid

2h | Mode
Rise’s target customers are people who crave to express themselves through what they wear, and their clothing line is not relegated to any age range.

Level up your Eid game with Rise

3h | Mode
Stefan Dercon, a Professor of Economics at the University of Oxford and former Chief Economist of the Department of International Development (DFID). Illustration: TBS

Renewing the ‘elite bargain’ for Bangladesh’s future growth

5h | Panorama
The eye-catching commuter: Suzuki Gixxer SF 155

The eye-catching commuter: Suzuki Gixxer SF 155

1d | Wheels

More Videos from TBS

Chirkutt performs on Fete de La Music Fest

Chirkutt performs on Fete de La Music Fest

4h | Videos
Madhuri Sanchita's seed ornaments exhibition

Madhuri Sanchita's seed ornaments exhibition

4h | Videos
Bangabandhu Tunnel to change lives of million

Bangabandhu Tunnel to change lives of million

16h | Videos
Sowari Ghat's fresh fish market

Sowari Ghat's fresh fish market

16h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

3
TBS Illustration
Education

Universities may launch online classes again after Eid

4
Photo: TBS
Bangladesh

Motorcycles banned on Padma Bridge 

5
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

6
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Launch operators on various river routes see a steep drop in passengers after the opening of the the Padma Bridge. Photo: TBS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net