ASIA STOCKS REBOUNDS ON FRIDAY ERASING EARLIER LOSSES
Asian equities records the gains on Friday following Wall Street in previous session. The better than expected China export data and stabilization in Yuan aid the gains. However fresh concerns over trade war still darken the outlook for the equity market. The MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2% higher.
AUSTRALIA ECONOMY MAY BE OUT OF THE WORST SLOW DOWN – SAYS RBA
The Reserve Bank Governor Philip Lowe is assured about the status of the economy however still prepared to reduce Australia’s record low interest rates if required. RBA lower the economic growth , inflation and a lower unemployment rate projection.
OIL PRICES HOVERS AROUND $52
Oil maintains to stay afloat above $52.50 in early Asian trade as supported by expectations of more production cuts by OPEC and member countries.
EURO ZONE ECONOMY TOO SUFFER IN THE HANDS OF TRADE WAR- ECB WARNS
ECB chief express his concerns over the ongoing state of the economy. According to the European Statistical Office the Euro zone grew 0.2% in Q2 half as much as in January-March. The risk of recession is augmented by trade war along with dis orderly Brexit. The policy makers promised various measures for the coming months in order to stimulate the economy of the European zone.
UK ECONOMY FACES PROFOUND UNCERTAINTY ON BREXIT- BOE GOVERNOR
In the view of Mr. Mark Carney BOE governor the Brexit uncertainty and global trade tensions are alarming and hampering the UK growth. The forecasts showing a one-in-three chance that the economy will shrink at the start of 2020.
US EQUITY CLOSED ON POSITIVE NOTE
U.S. stocks closed with an impressive rally after better than expected Chinese economic data boosted market players sentiments. The Dow Jones Industrial Average closed 371.12 points higher, or 1.4% to 26,378.19, the S&P 500 advanced 1.9% to 2,938.09 while the teach savvy Nasdaq Composite surged 2.2% to 8,039.16.
TRUMP’S ANOTHER GAME PLAN AGAINST CHINA: US TO DELAY HUAWEI LICENCES IN RESPONSE TO CHINA STOPPING CROP BUYING
The two giant economies- US and China, no one is going to compromise seems both are likely to stretch the trade war as yesterday the White House is holding off on a decision about licenses for U.S. companies to restart a business with Huawei Technologies Co. after Beijing said it will stop purchases of U.S. farming goods.
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