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MTS Futures News_PM_20190305
5 Mar 2019
· Stocks in Europe open lower Tuesday morning, as investors monitor various political developments across the globe.
The pan-European Stoxx 600 was down by 0.13 percent with almost every sector in the red.
In Asia, stocks were mostly mixed as investors closely monitored the Chinese annual parliamentary meeting where Chinese Premier Li Keqiang said that there will be greater risks ahead for the economy and Beijing must be prepared.
Meanwhile, trade talks between the U.S. and China remain on the radar for investors. Sources told CNBC Monday that these negotiations are in the "final stages" and a summit at the end of the month in Mar-a-Lago might take place if a deal is reached.
· Asian shares stepped back on Tuesday, weighed by U.S. economic concerns and as China cut its growth target in the face of intensifying challenges from rising debt and a dispute over trade and technology with the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.15 percent and Japan’s Nikkei lost 0.4 percent.
“As further details of the economic package will be rolled out in coming days, Chinese share markets could extend gains further near-term,” said Wang Shenshen, strategist at Tokai Tokyo Research Center.
Reflecting lower tax revenue and higher government spending, Beijing has set a budget deficit target of 2.8 percent of GDP, up from last year’s 2.6 percent.
· Japan’s Nikkei dipped on Tuesday, tracking losses on Wall Street and after Beijing trimmed its economic growth target, putting a cloud over companies with large exposures to China.
Chip equipment makers also lost ground, with Tokyo Electron sliding 2.3 percent and Advantest Corp slipping 2.7 percent.
The Nikkei share average ended 0.4 percent lower at 21,726.28, pulling away from Monday’s near three-month high.
Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management, said that with Japanese stocks having rallied to the upper-21,000 level, “there are worries that it would be easy for selling from taking profits to emerge.”
Companies with large exposure to the Chinese market, whose shares rallied on Monday, lost some ground on profit-taking.
· Chinese stocks rose on Tuesday after Beijing unveiled plans to cut taxes and increase public expenditure and lending to rev up its slowing economy.
At the close, the Shanghai Composite index was up 0.9 percent at 3,054.25 points, while the blue-chip CSI300 index rose 0.6 percent.
CSI300’s financial sector sub-index was lower by almost 0.1 percent, the consumer staples sector was flat, while healthcare shares rose 0.6 percent.
China will cut nearly 2 trillion yuan ($298.31 billion) in taxes and fees for companies, Chinese Premier Li Keqiang said at the National People’s Congress on Tuesday.
Reference: Reuters, CNBC
The pan-European Stoxx 600 was down by 0.13 percent with almost every sector in the red.
In Asia, stocks were mostly mixed as investors closely monitored the Chinese annual parliamentary meeting where Chinese Premier Li Keqiang said that there will be greater risks ahead for the economy and Beijing must be prepared.
Meanwhile, trade talks between the U.S. and China remain on the radar for investors. Sources told CNBC Monday that these negotiations are in the "final stages" and a summit at the end of the month in Mar-a-Lago might take place if a deal is reached.
· Asian shares stepped back on Tuesday, weighed by U.S. economic concerns and as China cut its growth target in the face of intensifying challenges from rising debt and a dispute over trade and technology with the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.15 percent and Japan’s Nikkei lost 0.4 percent.
“As further details of the economic package will be rolled out in coming days, Chinese share markets could extend gains further near-term,” said Wang Shenshen, strategist at Tokai Tokyo Research Center.
Reflecting lower tax revenue and higher government spending, Beijing has set a budget deficit target of 2.8 percent of GDP, up from last year’s 2.6 percent.
· Japan’s Nikkei dipped on Tuesday, tracking losses on Wall Street and after Beijing trimmed its economic growth target, putting a cloud over companies with large exposures to China.
Chip equipment makers also lost ground, with Tokyo Electron sliding 2.3 percent and Advantest Corp slipping 2.7 percent.
The Nikkei share average ended 0.4 percent lower at 21,726.28, pulling away from Monday’s near three-month high.
Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management, said that with Japanese stocks having rallied to the upper-21,000 level, “there are worries that it would be easy for selling from taking profits to emerge.”
Companies with large exposure to the Chinese market, whose shares rallied on Monday, lost some ground on profit-taking.
· Chinese stocks rose on Tuesday after Beijing unveiled plans to cut taxes and increase public expenditure and lending to rev up its slowing economy.
At the close, the Shanghai Composite index was up 0.9 percent at 3,054.25 points, while the blue-chip CSI300 index rose 0.6 percent.
CSI300’s financial sector sub-index was lower by almost 0.1 percent, the consumer staples sector was flat, while healthcare shares rose 0.6 percent.
China will cut nearly 2 trillion yuan ($298.31 billion) in taxes and fees for companies, Chinese Premier Li Keqiang said at the National People’s Congress on Tuesday.
Reference: Reuters, CNBC
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