{"id":25347,"date":"2018-03-02T11:32:32","date_gmt":"2018-03-02T06:02:32","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=25347"},"modified":"2018-03-02T11:32:53","modified_gmt":"2018-03-02T06:02:53","slug":"friday-2nd-march-prospects-of-trade-wars-spook-markets","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/friday-2nd-march-prospects-of-trade-wars-spook-markets\/","title":{"rendered":"Friday 2nd March: Prospects of Trade Wars spook markets"},"content":{"rendered":"<h4>\n\t<span style=\"font-size:14px;\"><strong>Global Markets:<\/strong><\/span><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">Asian stock markets: Nikkei down 2.41%, Shanghai Composite down 0.40%, Hang Seng down 1.34%, ASX down 0.74%<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Commodities: Gold at $1319.10 (+1.06%), Silver at $16.395 (+1.20%), WTI Oil at $61.03 (+0.07%), Brent Oil at $64.00 (+0.27%)<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Rates: US 10-year yield at 2.812, UK 10-year yield at 1.464, German 10-year yield at 0.638<\/span>\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong style=\"font-size: 14px;\">News &amp; Data:<\/strong><span style=\"font-size:14px;\"><strong>&nbsp;&nbsp;<\/strong><\/span><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">(USD) ISM Manufacturing PMI 60.8 vs 58.7 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(USD) Unemployment Claims 210K vs 226K expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(USD) Personal Spending m\/m 0.20% vs 0.20% expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(USD) Core PCE Price Index m\/m 0.30% vs 0.30% expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(CAD) Current Account -16.3B vs -17.8B expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(GBP) Net Lending to Individuals m\/m 4.7B vs 5.4B expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(GBP) Manufacturing PMI 55.2 vs 55.1 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">BoJ Gov Kuroda: BoJ Was Partly Responsible For Prolonged Deflation -Do Not Think BoJ Was The Cause For Deflation<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Australian new house sales dip in opening month of 2018<\/span>\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong style=\"font-size: 14px;\">Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\t<span style=\"font-size:14px;\">Asian markets traded lower yesterday after President Trump signalled that he would impose protectionist tariffs on steel and aluminium imports in the US. While protectionist concerns have been looming in the markets for a while, this time around, the size of the tariffs, and the threat that this might escalate into a global trade war have spooked markets.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">Asian governments had measured responses in that they shall wait for further clarity from the White House, however, EU and Canada have vowed to respond.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size: 14px;\">On a day of otherwise positive news for the US economy, the concerns of a trade war drove the narrative. The PMI rose to a 14 year high, and the number of Americans filing for unemployment benefits hit a 48 year low. Jerome Powell&rsquo;s comments on Thursday were much more dovish than his testimony on Tuesday, however, they have been lost in the noise of the trade tariffs.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">Nikkei has been on the declines, as Japan&rsquo;s export dependent economy stands to lose heavily from a global trade war. Korea, which counts itself as one of the largest steel exporters to the US has also been reeling under the pressure. Miners continue to drag ASX down.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">The dollar&rsquo;s buying spree has lost steam, as US treasury yields inched downwards. The yen continues to gain, given its positioning as largely risk averse. The GBP and EUR will be in focus today, with British government set to rebut the EU Brexit draft. Additionally, key political events on Sunday in both Italy and Germany may make it a bad idea to carry exposure into the weekend. <\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">Gold is expected to gain, given the uncertainty in the markets, and on fears if the trade rhetoric will continue. Oil has been in the red, as a trade war would negatively impact the US economy, and consequently, demand for oil.<\/span>\n<\/p>\n<h4>\n\t<span style=\"font-size:14px;\"><strong>Upcoming Events:<\/strong><\/span><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">07:00 AM GMT &#8211; (EUR) German Retail Sales m\/m<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">08:00 AM GMT &#8211; (EUR) Spanish Unemployment Change<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">09:30 AM GMT &#8211; (GBP) Construction PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">10:00 AM GMT &#8211; (GBP) BOE Gov Carney Speaks<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">01:30 PM GMT &#8211; (CAD) GDP m\/m<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">03:00 PM GMT &#8211; (USD) Revised UoM Consumer Sentiment<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Tentative &#8211; (GBP) Prime Minister May Speaks<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\"><a href=\"https:\/\/www.icmarkets.com\/education\/forex-news-and-calendar\/\">&amp;more&hellip;<\/a><\/span>\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 2.41%, Shanghai Composite down 0.40%, Hang Seng down 1.34%, ASX down 0.74% Commodities: Gold at $1319.10 (+1.06%), Silver at $16.395 (+1.20%), WTI Oil at $61.03 (+0.07%), Brent Oil at $64.00 (+0.27%) Rates: US 10-year yield at 2.812, UK 10-year yield at 1.464, German 10-year yield at 0.638 News &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/friday-2nd-march-prospects-of-trade-wars-spook-markets\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Friday 2nd March: Prospects of Trade Wars spook markets<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":25348,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/25347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=25347"}],"version-history":[{"count":2,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/25347\/revisions"}],"predecessor-version":[{"id":25350,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/25347\/revisions\/25350"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/25348"}],"wp:attachment":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=25347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=25347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=25347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}