ASIA STOCKS EXTENDED THE LOSS ON WEDNESDAY
Asian shares trading waters on Wednesday as equity markets perceives as less attractive amid the dark cloud over trade war . Asian currencies are also in doldrums with yields sinks .All browsers in Japan, Hong Kong & Korea were down.
CHINA RESPONSE TO THE US ALLEGATION OF “ CURRENCY MANIPULATOR”
China central bank warns that statement from Washington of being a currency manipulator could damage international financial order and would result in chaos in financial markets. It would weaken the possibility of a global economic and trade recovery. China official took defensive stance and released the statement currency manipulation was never and will never be used in trade.
OIL PRICES LOSES GROUNDS AS TRADE WAR ESCALATES
Oil prices fall below the $54 mark amid the concern on global demand and growth concerns further US inventories eyed today.
EUROPEAN STOCKS CLOSED LOWER ON SECOND DAY IN A ROW
European stocks felt the heat of the US- China trade war which was labelled as “ Currency War” by US as Trump accused China to devalue its currency . However China intervene and rubbish all these allegations by setting the reference point to a stronger level. The Pan European stoxx 600 was down 0.4%.
NO DEAL BREXIT IS GETTING MORE VISIBLE- EU OFFICIALS ON BORIS JOHNSON VIEW
The chances of orderly Brexit is getting dim as the British Prime Minister Boris Johnson has neither intention nor any plan of renegotiation the withdrawal agreement says EU diplomat. This scenario as per the EU official being the central of the UK new parliament .
US EQUITY CLOSED WITH SOLD GAINS
U.S. stocks closed on higher note on hopes that currency war between US-China would ease the trade tension. The S&P index was up 37.03 points or 1.30% at 2881, the Nasdaq index finished up 107.22 points or 1.39% at 7833.26 and the Dow Jones closed 311.78 point gains or 1.21% at 26029.52.
US FARMERS CAUTIOUS ON RISING FEAR TRADE WAR
US farmers are cautious on trade dispute with China though they are believe in US economy and would support to the outcome of trade war. However, the Current Conditions Index rose 44 points in July, from 57 points higher than in May, which showed improvement in crop production. The Large Farm Investment Index jumped 25 points in July to a reading of 67 vs. 42 a month earlier, according to the reading.
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