Asian stocks lower after US-China trade jitters resurface

Asian stocks lower after US-China trade jitters resurface

Following the recent imposition of new tariffs by both the United States and China over the weekend, prices for gold immediately reacted and inched higher on Monday.

The ISM said its purchasing managers index fell to 49.1 in August after dipping to 51.2 in July, with a reading below 50 indicating a contraction in manufacturing activity.

Wall Street lost ground and the USA dollar strengthened to its highest level in more than two years on Tuesday as trade worries persisted and US factory activity entered contraction territory for the first time since February 2016.

Traders work on the floor at the New York Stock Exchange August 14, 2019.

Investors are awaiting the USA manufacturing survey by the Institute for Supply Management (ISM), due at 1400 GMT, for some guidance on US economic conditions. "This wasn't a fluke report".

European shares fell for the first time in four sessions on Tuesday, as uncertainty over a looming no-deal Brexit and lingering U.S.

An index of global stocks .MIWD00000PUS slipped 0.2% on Tuesday, heading toward a two-month low hit in early August. -China trade tensions and weakening economic growth.

Trade concerns also dampened emerging markets. Tokyo and Sydney each ended 0.4 percent lower, while Singapore shed 0.8 percent, with Bangkok and Jakarta also down.

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The dollar index against a basket of six major currencies was down 0.1 per cent, while Wall Street stock futures weakened in early trade on Monday, setting a dour tone for Asian markets.

Sony edged down 0.09% to ¥6 036 as Toyota lost 0.11% to ¥6 952, but Nintendo rose 0.22% to ¥40 380.

The dollar slipped to ¥106.20 in Asian afternoon trade from ¥106.26 in NY late on Friday.

President Donald Trump has sounded optimistic about negotiations over China's trade surplus and complaints Beijing steals or pressures companies to hand over technology is unlikely to be quickly resolved.

In the day ahead, the United States dollars price-action will play a key role in gold trades while any fresh developments on the trade front will be closely watched amid light trading.

Fed Fund futures prices imply a almost 93% chance that interest rates are heading lower this month, according to CME Group.

The slide in bond yields was prompted by a disappointing manufacturing report that stoked fears of an economic slowdown. The yuan market at 4:00AM GMT: ONSHORE SPOT: Item Current Previous Change PBOC midpoint 7.0884 7.0883 0.00% Spot yuan 7.1806 7.1717 -0.12% Divergence from 1.30% midpoint* Spot change YTD -4.28% Spot change since 2005 15.26% revaluation Key indexes: Item Current Previous Change Thomson 91.05 91 0.1 Reuters/HKEX CNH index Dollar index 99.264 98.916 0.4 *Divergence of the dollar/yuan exchange rate.

On Friday, U.S. futures have risen as markets seemed set to continue on the same lines as Thursday's rally prior to the long weekend holiday.

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