Asian markets remain tense over trade war fears
March 26, 2018
Europe Market Movements
Event wise we are at the start of a quiet week, with no major market movers due for release in the USA, the UK or the EU but developments in the global trade war, could trigger volatility. European markets in the form of the FTSE 100, the French CAC 40 and the German DAX are all set to open lower this morning, with investors worried about trade tariffs. For the time being though, no trade tariffs have been imposed on Europe by the USA.
US Market Movements
US tariffs on Chinese imports have been announced by Donald Trump but according to reports, the US is having “very productive” discussions with China, on fair trade. Should the trade war be averted, the currency markets will surely react. Facebook founder Mark Zuckerberg has apologized for a “breach of trust” as a result of the ongoing data privacy scandal and FB shares have fallen by 14% over the past week.
Asia/Oceania Market Movements
Markets have been trading lower today as fears of a trade war have not entirely subsided. The Australian ASX 200 was down today, as was the Nikkei 225 and the Shanghai Composite SHCOMP, but Taiwan’s Taiex was up as is the JPY which is trading slightly higher against the USD.
This morning, the Shanghai International Energy Exchange started trading crude contracts. The Chinese giant is offering yuan-denominated crude futures. Can we expect the traditional London based Brent Futures and the American WTI to face a serious challenger? Traders, keep this on your radar.
|08:30 GMT||GBP: Gross Mortgage Approvals|
|20:30 GMT||USD: FOMC member speech|
|00:45 GMT+1||AUD: RBA Assistant Governor speech|
For a complete list of today’s economic calendar click here