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Asian stocks drifting in trade talks, Fed test by Reuters




© Reuters. A Passerby Passes a Stock Exchange in Tokyo

By Wayne Cole

SYDNEY (Reuters) – Asian stocks slipped on Monday as Markets anxiously counted on a likely cut in US interest rates this week, with much influence whether Federal Reserve signals are still in the pipeline or not.

The futures for the entire region and for Germany fell by about 0.2% in the first deals, although the futures for London were slightly higher.

E minis immersed for 0.1

%.

US. and Chinese trade negotiators are meeting in Shanghai this week for their first face-to-face talks since a G20 ceasefire last month, but expectations for a breakthrough are low.

Data from the weekend showed that profits of Chinese industrial companies declined in June. "We remain cautiously optimistic that both sides can agree on a close agreement that addresses important trade-related issues such as the US demand for increased exports," analysts told Barclays (LON 🙂 in a note.

"However, we are skeptical about the prospects for a broader agreement that includes the more difficult security-related issues."

MSCI's broadest index of Asia Pacific equities outside Japan slipped 0.6% in slow trading. Japan lost 0.2% and Shanghai lost 0.1%.

Interest rate futures are fully priced in for a Fed rate cut by a quarter of a point on Wednesday with only a small chance of moving by half a point.

More important will be what characterizes the central bank for the future as the market implies easing by 100 basis points next year "Or the Fed will start a full easing cycle as the market is currently pricing in," Tapas Strickland said. Director of Economics at NAB.

He noted US economic growth was solid in the second quarter of last week "The US economy remains the least polluted T-shirt in the global laundry basket, with the dollar broader across the board" said Strickland. The dollar reached a two-month high for a basket of currencies at 98,010, and last hit 98,023.

The euro was trading at $ 1,1125 on Monday, just over the two-year low of $ 1,1102, while the dollar fell to 108.62 yen.

The Dollar Had a Helping Hand by White House Economic Adviser Larry Kudlow said Friday the Trump administration had "barred" an intervention to push it down.

The pound was trading at 27-month lows at $ 1.2375. The government of Prime Minister Boris Johnson reportedly prepared the ground for a "no-deal" Brexit.

remained unchanged at $ 1,418.00 per ounce.

Oil prices fell at the beginning of trading under pressure from the usual concerns over oversupply and slowing world demand.

Futures fell 33 cents to $ 63.13 while 17 cents were lost to $ 56.03 a barrel.

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