Asian stocks open mostly positive

2019-06-18 08:53:26 GMT (
Asian stocks open mostly positive

Asian stocks opened mostly higher on Tuesday, with Chinese, Australian and New Zealand stocks rising, in addition to Hong Kong's Hang Seng and South Korea's Kospi, while Japanese stocks fell. Following the release of the minutes of the Reserve Bank of Australia latest meeting which boosted the possibility of a new interest rate cut.


In addition, the markets are looking forward to the start of the US Federal Open Market Committee meeting today to continue until tomorrow in Washington, where interest rates are expected to be kept between 2.25% and 2.50% for the fourth meeting in a row. while the committee will release its forecasts for inflation and unemployment as well as the future interest rates for the next three years followed by the forthcoming press conference of Federal Reserve Governor Jerome Powell.


We would like to point out that US Federal Reserve Governor Paul Powell recently expressed his concern about how and when the trade tensions will be resolved, as he considers the Federal Commission to take seriously inflationary pressures for an extended period that may affect inflation forecasts later, as the Federal Reserve will abandon its policy of patience and reduce interest on federal funds in the coming period.


In another context, we followed at the beginning of this week, President Donald Trump saying that the presence of his counterpart, Chinese President Xi Jinping, at the G20 summit later this month in Osaka, Japan, is not so important, as it is likely that a trade agreement will be reached with his country and China in the end.


In the same context, US Commerce Secretary Wilbur Ross yesterday noted that there is a chance to reach a trade agreement between Washington and Beijing, but that will not happen during the events of the G20 summit, explaining that the negotiations with China is complex and there will not be confirmed results until a deal is reached, adding that the US administration should be judged based on its results on the trade negotiations, while addressing the desire of his country to achieve a genuine free trade in the car markets.


On the other hand, China's Ministry of Commerce yesterday said it had decided to increase the anti-dumping duties imposed on certain types of imports from America and Europe, especially steel bars, from 58% to 147%, following the indian government imposition of customs duties on 28 US products, in response to the US administration imposing duties on imports of steel and aluminum.


Japanese stock indices saw a decline during today's trading session, with the broader Topix index falling by 0.10% (1.52 points) down to the level of 1,538.22, and Nikkei 225 fell 0.27% (56.05 points) to 21,067.95.


Chinese stocks rose during the session, as CSI 300 rose by 0.35% to 12.87 points to reach 3,667.69, the Shanghai index rose 0.18% to gain 5.20 points and reach the level of 2,892.83.


Hong Kong's Hang Sang rose 0.80% (217.51 ​​points) reaching 27,444.67. South Korea's Kospi rose 0.55%, (11.59 points) reaching 2,102.32.


To the New Zealand NZX 50 index, which rose 0.06% (5.82 points) to 10,176.08. On the other hand, Australia's S&P/ASX 200 index gained 0.43% (28.19 points) and reached 6,559.10.

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