Archives of “July 9, 2019” day

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Nikkei 225 closes higher by 0.14% at 21,565.15

  
Analysis, Global Indices

Japanese stocks held up despite a slump elsewhere around Asia

Nikkei 09-07

The drop today is mainly led by tech-related firms – namely Apple suppliers – after the US company’s own slump in overnight trading. Losses are seen more evident in Chinese markets with the Hang Seng index lower by 0.6% while the Shanghai Composite is down by 0.3% in trading currently.

The more cautious market sentiment continues to prevail and should extend towards European equities as well later on. US futures are down by 0.3% as we begin the session.
All eyes remain on Fed chair Powell’s testimony tomorrow, so that will keep markets on edge until we hear from the man himself.

One for the crypto folks – PBOC wants Facebook’s Libra under central bank oversight

  
Analysis, BITCOIN

Mu Changchun, deputy director of the People’s Bank of China’s payments department (a senior official at the PBOC)

  • Libra, Facebook’s own cryptocurrency, must be put under the oversight of monetary authorities,
  • Mu says that as a  a convertible crypto asset (a type of stablecoin) Libra can flow freely across borders
  • it “won’t be sustainable without the support and supervision of central banks”
Mu in communications with Bloomberg
Meanwhile, Bitcoin is rallying hard in Asia today, following overnight gains:
Mu Changchun, deputy director of the People's Bank of China's payments department (a senior official at the PBOC)

Senior Chinese diplomat warns of ‘disastrous consequences’ if US treats China as ‘enemy’

  
Analysis, Politics

An overnight piece in the South China Morning Post

Remarks reported from China’s Foreign Vice-Minister Le Yucheng related to the US visa restrictions on academics from China
  • the problems faced by the US were not “China’s fault”
  • “There are some reports saying that some Chinese-American scientists in the US, just because they are Chinese scientists, they have been treated unfairly,” he said. “They have been put under scrutiny, harassed, and some of them even lost their jobs.”
Link is here
—
This is hardly new or surprising news. Plenty of US-China tensions still simmering.
An overnight piece in the South China Morning Post  

US tariffs news – to impose levies on structural steel from China and Mexico, but not from Canada

  
  Analysis
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Update crossing news wires

via Reuters:

The U.S. Commerce Department said on Monday that domestic producers were being harmed by imports of fabricated structural steel from China and Mexico and it will instruct Customs and Border Protection to collect cash deposits from importers of such steel.

The Commerce Department said it had found that imports from Canada were not being unfairly subsidized.

US Indices opened down on day and remained negative for the entire day

  
Analysis, US Market
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Major indice trade in the black but close mid range.

The closes in the major stock indices was near the middle of the day’s high and low. However, the major indices opened down on the day and remained negative for the entire day.
The final numbers are showing:
  • S&P index is down -14.45 points or -0.48% at 2975.95. The high reached 2980.76. The low extended to 2970.09.
  • Nasdaq index closing down -63.408 points or -0.78% at 8098.38.  The high reached 8112.91. The low extended to 8078.39
  • Dow is closing down -115.98 points or -0.43% at 26806.14. The high reached 26839.14. The low extended to 26744.87.
Below is graphical view of the % high and  %low and %close of the NA and European major indices.
Major indice trade in the black but close mid range.
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