8/15/2019, 8:20 AM (Source: TeleTrader)
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Asian shares recover part of losses on Trump's offer

The turmoil in the markets eased somewhat on Thursday in the Asian session following the offer by United States President Donald Trump to his Chinese counterpart Xi Jinping for a meeting to "quickly and humanely solve" the political crisis centered on Hong Kong. However, as the Wall Street suffered the worst selloff this year yesterday, investors interpreted the statement as an invitation to try and overcome bilateral disputes over trade, forced technology transfers, intellectual property theft and other issues.

Severe risk aversion has set in after disappointing economic data from China and Germany and the inversion of the Treasury yield curve. Furthermore, the annual rates of both export and import prices in the US remained in negative territory for the third straight month.

Markets in South Korea were closed for holiday. The Shanghai Composite dipped 0.28% at 8:03 am CET and the Shenzhen Composite returned to positive territory, rising by a mere 0.05%. The Hang Seng was up 0.24% in Hong Kong at 8:18 am CET. The Nikkei 225 fell 1.29% but the level was off the daily low, compared to the closing of 2.85% in the hole for the Australian S&P/ASX 200. The dollar was flat at ¥105.925 and slipped 0.18% to 7.04092 offshore Chinese yuan. Gold was marginally higher at $1,516.88 per ounce.

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