Hong Kong: Stocks drop at open on Wednesday

Hong Kong: Stocks drop at open on Wednesday

Oil prices tumble Shanghai closed 0.6 percent lower, while Hong Kong sank 1.7 percent as the city was rocked by violent protests by tens of thousands of people against government plans for a controversial extradition law. The squeeze has driven up the cost of shorting the Hong Kong dollar, which also contributed to the one-day jump.

Japan's Nikkei 225 index lost 0.4% to 21,129.72 and the Kospi in Seoul shed 0.1% to 2,108.75.

The pan-European STOXX 600 index rose 0.16% and MSCI's gauge of stocks across the globe gained 0.01%.

In Australia, long known for its high-yield currency, rates fell to record lows, with three-year yield now slipping below 1 percent after the country's jobs data pointed to another interest rate cut in July to follow one just last week. Shares fell in Taiwan but rose in Singapore and the Philippines. US shares were headed for a weak open as the future contract for the Dow Jones industrial average lost 0.3% to 25,997.00 while that for the S&P 500 declined 0.3% to 2,879.40.

On Wall Street, the S&P 500 lost 0.20 per cent on Wednesday.

USA markets had advanced for five straight days since the Federal Reserve signaled it is open to cutting interest rates, but weakened on Tuesday amid concerns that the US trade spat with China could be prolonged and hurt growth in the world's two biggest economies.

Trump told reporters Tuesday he was prepared to expand 25% tariffs already imposed on $250 billion of Chinese exports to cover another $300 billion if a deal with Beijing falls through. "And we're either going to do a great deal with China or we're not doing a deal at all".

Profit takers moved in while investors keep a nervous eye on developments in the China-US trade saga and an expected meeting between Donald Trump and Xi Jinping at the G20 summit in Japan this month. The market on Monday welcomed news of a megamerger between Raytheon and United Technologies, but the stocks dropped sharply Tuesday.

China stocks recovered from earlier losses on Thursday, as Chinese vice premier called for fresh measures to support the economy amid a bruising trade war with the United States. The tech sector is still up almost 24% so far this year, the best performer among the 11 sectors in the S&P 500.

The top gainers among H-shares were China Telecom Corp Ltd, up 1.79%, followed by China Gas Holdings Ltd, gaining 1.13% and China Merchants Bank Co Ltd, up by 1.04%. Walgreens rose 1.1% and Dollar Tree rose 2.7%.

The euro slipped to $1.1293, stepping back from 2-1/2-month highs of $1.1348 touched on Friday. The Dow fell 14.17 points, or 0.1%, to 26,048.51.

The Hang Seng lost 1.9% to 27,264.54 as thousands of protesters, a lot of them youths, prevented lawmakers from entering Hong Kong's government headquarters Wednesday.

Benchmark 10-year notes last rose 11/32 in price to yield 2.091%, from 2.127% late on Wednesday.

In other trading, benchmark USA crude lost 98 cents to $52.29 per barrel in electronic trading on the New York Mercantile Exchange.

A bigger mover overnight was oil, which tumbled 4 per cent to their lowest settlements in almost five months, pressured by another unexpected rise in USA crude stockpiles and by a dimming outlook for global oil demand. Brent crude oil, the worldwide standard, fell $1.37 to $60.92 a barrel.

Related Articles

  • Hundreds Arrested in Moscow Golunov March After Release

    Hundreds Arrested in Moscow Golunov March After Release

    Three of Russia's most respected newspapers published near-identical front pages Monday reading "I/we am/are Ivan Golunov". On the pictures to see how Russia's leading opposition was drawn to eller Navalny of police officers in a police bus.
    Marvel's Avengers Will Have Microtransactions - E3 2019

    Marvel's Avengers Will Have Microtransactions - E3 2019

    Retailing for $59.99 when it comes out, you can save $10.05 and pre-order the Xbox or PS4 Avengers game for $49.94. That said, however, he didn't shut the door completely when it came to making improvements to these characters.
    Toronto Raptors win first basketball championship in team's history

    Toronto Raptors win first basketball championship in team's history

    Fans back in Toronto were pictured partying and cheering in the streets after the emotional win . It's great news for the Warriors, who could lose Kevin Durant in free agency later this summer.
  • Video Shows Iran Removing A Mine From An Oil Tanker, US Says

    Video Shows Iran Removing A Mine From An Oil Tanker, US Says

    The footage released by the U.S. on Thursday is rather more convincing than the circumstantial evidence it had provided earlier. Iran denies involvement in the incidents, while its foreign minister Zarif said on Twitter that the U.S.
    India set to levy higher tariffs on some USA  goods next week

    India set to levy higher tariffs on some USA goods next week

    India's exports to the USA in 2017-18 stood at Dollars 47.9 billion, while imports were at USD 26.7 billion. However, the USA had deferred the withdrawal of the GSP because the Indian general elections were underway.
    Pompeo blames Iran for attack on tankers in Gulf

    Pompeo blames Iran for attack on tankers in Gulf

    Iran denied threatening US personnel, in turn accusing the USA of ratcheting up tension with its military deployments. Naval Forces in the region received two separate distress calls at 6:12 a.m. local time and a second one at 7:00 a.m.
  • Father's Day 2019: 10 Most-Memorable Quotes On Fatherhood

    Father's Day 2019: 10 Most-Memorable Quotes On Fatherhood

    In February this year, more than 700 fathers with children aged 13 and under were interviewed about their parenting experiences. Aren't they hilarious? Well, jokes apart, this Father's Day keep your phones aside and give some quality time to your father.
    Charges against investigative journalist dropped, Russia's interior minister says

    Charges against investigative journalist dropped, Russia's interior minister says

    Interested in Russia? Add Russia as an interest to stay up to date on the latest Russia news , video, and analysis from ABC News. In a surprise move, authorities said on Tuesday that there isn't enough evidence to back up the charges against Golunov, 36.
    Jessica Biel: ‘I am Not Against Vaccinations’

    Jessica Biel: ‘I am Not Against Vaccinations’

    Jessica Biel is clarifying her stance on vaccinations! "Jessica is refusing to vaccinate him", the friend claimed. She reiterated again that she is not anti-vaccination, and encouraged others to learn more about the issue.
  • Samsung Galaxy A10e goes official for $179 in the U.S.

    Samsung Galaxy A10e goes official for $179 in the U.S.

    The company has now rolled out the feature for its last year's flagship models, the Samsung Galaxy S9 and Galaxy S9 Plus. Besides which, we don't even know if consumers will react positively to folding smartphones, never mind rolling ones.
    Delhi: AIIMS doctors boycott work to support strike in WB

    Delhi: AIIMS doctors boycott work to support strike in WB

    He further said that he wrote a letter to the government regarding the issue, but the stand in their reply was not "empathising". The Indian Medical Association has now called for a nationwide strike protesting the attack on a doctor in Kolkata .
    Fallout from Central Park Five Netflix series continues

    Fallout from Central Park Five Netflix series continues

    Yusef Salaam , left, Kevin Richardson , second left, and Raymond Santana , right, react to supporters in NY in 2012. She is still a prosecutor in the Manhattan district attorney's office.