China defends trade record, promises more opening

China defends trade record, promises more opening

ENERGY: Oil futures settled down after rallying on a report that showed U.S oil inventories dropping more sharply last week. Australia's S&P/ASX 200 added 0.2 percent to 6,209.70.

The Asian stock market was under pressure on Wednesday as extended losses in Chinese stocks and in the yuan sent waves across the region. Its emerging market index hit its weakest level since mid-August.

"Chinese stocks have already slid into bear market territory". The yield has been confined to a 15-basis-point range in June after fluctuating by almost 40 basis points in May, when it touched a seven-year high of 3.128 percent. But the gains evaporated after Larry Kudlow, Trump's top economic adviser, said in an interview with Fox Business that it should not necessarily be viewed as a softer stance.

The impact would be big if these challenges could not be settled, as the WTO is playing a critical role in global trade liberalization and facilitation, said Wang.

"The change was decided upon as unilateralism and trade protectionism are on the rise and tensions appear in the trade relations among global economies", the state-run China Daily said, referring to the looming US-China trade war.

The yuan weakened 389 basis points to 6.5569 against the US dollar Wednesday, according to the China Foreign Exchange Trade System.

"Initially investors saw Trump's moves as negotiation tactics to get better deals".

Confusion still reigned over US trade policy.

U.S. officials complain the WTO, the Geneva-based arbiter of trade rules, requires an overhaul because it is bureaucratic, rigid and slow to adapt to changing business conditions.

The Global Times said support could be provided to companies like ZTE Corp, China's second-largest telecommunications equipment maker, which ceased major USA operations after the United States imposed a ban in April.

Samsung investigating phones sending rogue picture messages
Samsung has finally responded to the weird bug in its app , Messages , that sends photos to other users without any permission . For those anxious about the Samsung Messages glitch, AppleInsider recommends disabling the app's storage access permissions .

US Futures are also pointing lower, with the Nasdaq set to lose 1% at the opening bell.

Historically, the USA economy has tended to enter a recession after the spread had shrunk below zero percent, inverting the yield curve. The contract gained $2.23 to settle at $72.76 per barrel on Wednesday.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018.

In currency markets, trade-sensitive currencies including the Australian and New Zealand dollars lost ground while the safe-haven yen found demand.

The dollar was aided in part by recent gains on the Chinese yuan, which had stirred speculation Beijing was weakening its currency to bolster exports.

In the currency market, major currencies were treading water on uncertainties over escalating trade friction.

The euro slipped in European trading, under pressure from the trade conflict, the threat of a political crisis in Germany and uncertainty over a European Union summit.

CURRENCIES: The dollar rose to 109.67 yen from 109.45 in late trading Monday.

The People's Bank of China fixed the yuan midpoint at a six-month low of 6.5569 per dollar on Wednesday.

Related Articles

  • Reliance announces Jio GigaFiber across 1100 Indian cities

    Reliance announces Jio GigaFiber across 1100 Indian cities

    It is anticipated that the Jio GigaFiber service will bring affordable high-speed internet access to households across India. The new avatar of the highest selling feature phone in India will be available at an introductory price of Rs 2,999.
    Archbishop gets 1 year in prison for concealing child sex abuse

    Archbishop gets 1 year in prison for concealing child sex abuse

    Fletcher was found guilty in 2004 of nine counts of child sexual abuse and died in jail of a stroke in 2006. Archbishop Wilson's sister's home will be assessed for home detention ahead of a decision next month.
    Knicks will reportedly sign Mario Hezonja

    Knicks will reportedly sign Mario Hezonja

    Free-agent forward Mario Hezonja has agreed to a one-year, $6.5 million deal with the New York Knicks , league sources told ESPN . Hezonja averaged 9.6 points, 3.7 rebounds, 1.4 assists, and 1.1 steals over 22.1 minutes per game in 2017-18.
  • Rejection from FCC Looms Over China Mobile's US Business

    Rejection from FCC Looms Over China Mobile's US Business

    The Chinese spokesperson said that Beijing was well prepared to take the necessary measures if the tariffs came into force. The company wasn't seeking to offer mobile services directly to U.S. customers, according to the United States filing.
    Venus Williams flicks a tricky victor  at Wimbledon

    Venus Williams flicks a tricky victor at Wimbledon

    The 25th seed will face the victor of the match that followed her on Centre Court between Germany's Tatjana Maria and France's Kristina Mladenovic.
    Scientists create ‘artificial ovary’. It could help women after cancer

    Scientists create ‘artificial ovary’. It could help women after cancer

    For most patients the procedure is safe, but certain cancers, such as ovarian or leukaemia, can invade the ovarian tissue itself. In developing a bioengineered ovary without human cells, the team believe this would remove any chances of the cancer returning.
  • Molinari and Ancer tied for lead at National

    Molinari and Ancer tied for lead at National

    That was before Molinari went 6 under on a five-hole stretch to start the back nine, building his lead to nine shots at one point. There's more to that, and through 11 tournaments this year, Woods hasn't quite figured it out.
    Couple critical after being exposed to nerve agent

    Couple critical after being exposed to nerve agent

    A number of scenes in Amesbury and Salisbury known to have been frequented by the couple had been cordoned off. Britain accuses Russian Federation of poisoning the Skripals, a claim Moscow strongly denies.
    Can Coffee Extend Your Life?

    Can Coffee Extend Your Life?

    Amla is loaded with vitamin C that is known to build your body's defence mechanisms against diseases and infections. For people who love a morning cup of coffee , and a few more cups throughout the day, there is good news .
  • England, Dier kick through PK wall

    England, Dier kick through PK wall

    Bizarrely, before the shootout, Jordan Pickford was given a new water bottle by the England goalkeeping coach, Martyn Margetson. Eric dier scored the winning penalty despite a Jordan Henderson penalty miss thanks to Jordan Pickford's brilliant save.
    China delays retaliatory tariffs, won't fire 'first shot' in potential trade war

    China delays retaliatory tariffs, won't fire 'first shot' in potential trade war

    The South China Morning Post said China is likely to cancel orders for 1.1 million tons of soybeans from the USA this year. The widely-read Global Times tabloid said in an editorial that China must prepare for containment by the United States.
    Federer breezes into third round at SW19

    Federer breezes into third round at SW19

    Williams was almost as good, losing just five of 32 points on her first serve in a 6-1, 6-4 win over Viktoriya Tomova. In the first set, Federer broke Lacko in the seventh game to take the opener, 6-4.