Sunday, 18 November, 2018

Asian shares fall in early trade

China Slashes Banks Reserve Requirements As Trade War Hits Growth Behemoth oil stock the lone hero as China’s stocks rebound
Kelvin Reese | 16 October, 2018, 15:03

The reserve requirement ratio for large lenders will be cut from 15.5 percent now to 14.5 percent effective October 15, according to Chinese media.

Foreigners sold $1.4-B of A shares through exchange links with Hong Kong Monday, just short of a record hit 8 months ago, as Mainland markets reopened after a week-long break.

The surge in PetroChina has temporarily held in check a sell-off that sent the Shanghai Composite down by 3.7 per cent on Monday for its biggest loss in nearly four months.

The offshore renminbi, which could float freely without a daily trading band like the onshore rate, weakened below 6.93 per dollar on Monday.

China's attempts to increase policy support come at a time of rising external pressure due to the trade war, and as higher U.S. interest rates weigh on China's currency and constrain Beijing's ability to loosen policy to support growth.

Weakening exports have started to put pressure on China's economy, highlighting the need for China to shift towards boosting domestic demand to offset the effects of the tariffs.

The losses in China dragged down MSCI's broadest index of Asia-Pacific shares outside Japan, which was 0.8 percent lower.

British PM May faces mounting pressure to rethink Brexit plan
The EU is proposing a "backstop" which would see Northern Ireland continuing to follow Brussels' rules after Brexit. Oettinger confirmed reports that progress was being made on the hard issue of the border on the island of Ireland.

WWE under pressure to cancel Saudi Arabia show over missing journalist
Khashoggi , an outspoken critic of the regime, hasn't been seen since entering a Saudi consulate in Islamabad on October 2. Several US Senators have also urged WWE to rethink the event, with Sen.

Cologne: Hostage Taken, Shots Fired at German Railway Station
ET a man entered a pharmacy at Breslauer Platz, near the backside of the train station, and reportedly took one person hostage. Authorities ordered an evacuation of the station, which is a main hub for rail traffic across Germany and western Europe.

The PBOC will "maintain reasonably ample liquidity to drive the reasonable growth of monetary credit and social financing scale", it said. That compares with the 3.227 percent yield for US bonds., the highest level since May, 2011.

US Secretary of State Mike Pompeo and Chinese Foreign Minister and State Councillor Wang Yi also aired grievances in the open on Monday during a brief visit to Beijing by Washington's top diplomat.

Equity markets around the world came under pressure last week after a steep sell-off in U.S. Treasuries, prompted by hawkish comments from U.S. Federal Reserve officials and data widely seen as bolstering the case of further U.S. rate hikes. Federal Reserve officials and data widely seen as supporting further US rate hikes.

For the Chinese currency, investors always anchor an important "psychological" exchange rate at 7 against the United States dollar, and they worry that market panic may emerge if the renminbi weakens past that rate.

China's stocks fell sharply today despite Beijing's weekend announcement that it will slash the level of cash that banks must hold as reserves, a sign of underlying investor anxiety over a heated Sino-US trade war.

Oil prices fell more than 1 percent after the USA said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran. Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that the worst that could happen is the US imposing levies on all Chinese imports, but that would only hit 0.7 percentage points of China's growth.

Spot gold was 0.1 per cent higher, trading at $1,203.80 per ounce.

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