ASIA STOCKS SEEKS GAINS AFTER YUAN REINFORCEMENT
Asian shares posted some gains today after three days fall on Thursday The sentiment got temporary relief after better than expected china trade numbers while also limiting the fall in its yuan.
CHINA STABILIZES YUAN MORE THAN ANTICIPATED
The People’s Bank of China set the reference rate at 7.0039 per dollar after it fell below a rate of 7. It is done to maintain the stability in the exchange market over the volatility.
OIL PRICES REBOUND FROM LOWS
Oil recovered from the lows of $50 in early Asian trade today after Saudi Arabia consult with member producers to analyze the rout in prices. The prices has hit the lows with more than 10% fall this month.
EUROPEAN STOCKS CLOSED HIGHER ON WEDNESDAY
European stocks bounced back on Wednesday and closed higher come after three days of declines. The pan-European Stoxx 600 closed higher by 0.75%.However the overall mood in the market is still fragile over the trade war uncertainties.
NO DEAL BREXIT COULD RESULT IN FOOD SHORTAGE IN UK – WARNS INDUSTRY BODY
The chances of dis orderly Brexit is getting complex and now the latest warning comes from Britain Food and Drink lobby which says the economy might face shortage of fresh food for weeks or months if the negotiations fail to reach an agreement.
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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