Asian Markets Combined; U.S. Blacklists Huawei as Commerce Tensions Proceed to Flare By Investing.com

0
1


#stocksupdate #globalstocks #globalstocksupdate #stocksnews

© Reuters.

Investing.com – Asian markets were mixed in morning trade on Thursday. U.S.-China trade tension continues to flare after U.S. President Donald Trump and his administration imposed sanctions on Chinese telecom giant Huawei.

China’s and the rose 0.4% and 0.2% respectively by 10:30 PM ET (02:30 GMT). Hong Kong’s edged up 0.1%.

The National Bureau of Statistics reported on Thursday that average new home prices in China’s 70 major cities rose 0.6% in April, unchanged from the pace of growth in March. It was the 48th straight month of price gains.

Japan’s fell 0.6%, while South Korea’s was down 0.4%.

Auto stocks outperformed in morning trade, with KIA Motors (KS:) and Hyundai Motor (KS:) surging as much as 5% at one point, CNBC reported citing four unnamed sources that the U.S. may delay tariffs on the sector by up to six months.

The news sent auto stocks in the U.S. higher overnight.

Sino-U.S. trade news remained in focus today.

In the latest development, Trump signed an executive order overnight that could restrict Chinese telecommunication firms Huawei and ZTE Corp (HK:). from selling their equipment in the U.S.

Shortly afterward, the Department of Commerce said it had put Huawei and 70 affiliates to its “Entity List,” a blacklist that could forbid it from doing business with American companies.

Commerce Secretary Wilbur Ross said in a statement that Trump backed the decision to “prevent American technology from being used by foreign owned entities in ways that potentially undermine U.S. national security or foreign policy interests.”

Trade tension between the two sides escalated after U.S. President Donald Trump and his administration unexpectedly raised levies on $200 billion worth of Chinese goods last week. Recent reports suggested that Washington might even impose levies on all remaining U.S. imports from China.

China retaliated on Monday, though on a smaller scale.

Disclaimer: FX Forex Trading would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore FX Forex Trading doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

FX Forex Trading or anyone involved with FX Forex Trading will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Advertisements

What You Think About This Topic? Leave Your COmment