China tries to defuse trade pressure, says world benefits

A mock opium-destroying ceremony commemorating the acts of Qing dynasty in 1839

A mock opium-destroying ceremony commemorating the acts of Qing dynasty in 1839

The index is the global market's worst performer this year, down 14 percent since the start of this year.

Chinese stocks were the biggest losers with Shanghai Composite Index sinking 0.9 percent to 2,818.75.

Germany's DAX was down 1.2 percent to 12,206 and France's CAC 40 shed 0.6 percent to 5,293. Wall Street was poised for a subdued open. Dow futures were down 0.1 percent and S&P 500 futures dipped 0.2 percent. Hong Kong's Hang Seng added 0.5 percent to 28,497.32 while the Shanghai Composite in mainland China extended its losses by 0.9 percent to 2,786.90.

MSCI's broadest index of Asia-Pacific shares outside Japan lost another 0.6 per cent after touching a two-year trough on Tuesday. Australia's S&P-ASX 200 edged down less than 0.1 percent to 6,195.90.

U.S. President Donald Trump's administration unveiled a plan for a stronger security review process of foreign investors acquiring American technology, easing its tone from previous remarks indicating it would specifically block Chinese investments. Treasury Secretary Steven Mnuchin's suggestion that the investment restrictions wouldn't be limited to China caused stocks to slide further.

Beijing has made a decision to put the agreement into effect next week, five days before the Trump administration will impose 25 percent tariffs on US$34bn worth of Chinese goods, in the hope to rally support to fight "trade protectionism", the South China Morning Post commented.

Gains were capped by investors' persistent concerns about the volatility in U.S.

In two separate moves in recent weeks, the U.S. has slapped tariffs on steel and aluminium imports from a number of sources, including the European Union, and on $50bn worth of Chinese goods.




China will reduce or cut to zero tariffs on a total of 8,549 types of goods originating in India and four other Asian countries from July 1, according to the Ministry of Finance.

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

China joined the World Trade Organization in 2001 as a developing country, but the United States says it no longer qualifies for that protection since it's emerged as a strong competitor in smartphones, solar panels and other technology.

The move takes gold's decline this month to more than 3 percent - the biggest monthly drop since September - driven by a dollar rally, a large decline in gold held by exchange-traded funds and a sharp fall in speculative bets on higher prices.

GENERAL ELECTRIC: Shares in General Electric jumped 4.4 percent in premarket trading on reports that the company would spin off its health care business and sell its $23 billion stake in oil services company Baker Hughes.

ENERGY: Benchmark U.S. crude was down 2 cents to $68.06 per barrel in NY.

United States crude added 17 cents to US$70.70, having surged 3.6 per cent overnight, while Brent climbed 18 cents to US$76.49 a barrel.

The dollar changed hands at 110.32 yen, up slightly but well within its narrow trading range over the past month. The euro ticked up to $1.1584 from $1.1557.

Recommended News

  • ‘North Korea nuclear programme could be gone within a year’

    ‘North Korea nuclear programme could be gone within a year’

    The official was not authorized to comment publicly on the matter and requested anonymity. We've seen how the North Koreans have behaved before.
    Exactis exposed 340 million personal records to the internet

    Exactis exposed 340 million personal records to the internet

    As well as the massive scope of the leak, the database went into astonishing detail about the lives of the people it covered. For example, things like religion, whether the person smoked or not, or if they had any pets are found within the database.
    Clippers' Jordan to opt out

    Clippers' Jordan to opt out

    The Dallas Mavericks are widely expected to sign Jordan, who opted out of his $24.1 million contract for the 18-19 season. Circumstances are much different now, with the former All-Stars who helped persuade Jordan to stay no longer around.
  • Highway 20 remains closed as Pawnee Fire rages on

    Highway 20 remains closed as Pawnee Fire rages on

    Two evacuation centers were set up, including Huerfano Community Center and one at Blanca Fort Garland Community Center. The fire grew by more than 10,000 acres on Sunday, authorities said. "Overall, this is the new normal for us".
    Warriors Roster & Starting Lineup With DeMarcus Cousins for 2018

    Warriors Roster & Starting Lineup With DeMarcus Cousins for 2018

    In his eight-year career, Cousins has averaged 21.5 points, 11 rebounds and 3.2 assists while shooting 46 percent from the field. The quintet of Stephen Curry , Kevin Durant , Klay Thompson, Draymond Green , and Cousins have 25 combined All-Star appearances.
    I 'probably won't' ask Supreme Court nominees about Roe v. Wade

    I 'probably won't' ask Supreme Court nominees about Roe v. Wade

    Collins has publicly stated that she won't vote in favor of a Supreme Court Justice nominee who is willing to overturn Roe v. Wade would not be acceptable to me, because that would indicate an activist agenda that I don't want to see a judge have".
  • Tesla Just Barely Achieved Its Model 3 Production Goal in Q2

    Tesla Just Barely Achieved Its Model 3 Production Goal in Q2

    In a recent financial filing, Tesla reports that it has reached its Model 3 electric vehicle production goal of 5,000 per week. Doug Field was relieved by Elon Musk as head of Model 3 production in April and is now taking a break from the company.
    Walmart has the NES Classic in stock, and for cheaper than Amazon

    Walmart has the NES Classic in stock, and for cheaper than Amazon

    These retailers are also going to accommodate customers who will be purchasing the NES Classic via their physical stores. The $59.99 NES Classic Edition is a mini version of the Nintendo Entertainment System that originally launched in 1985.
    Croatia vs. Denmark live stream

    Croatia vs. Denmark live stream

    Sunday's match got off to an incredible start, and if you were five minutes late, you missed almost everything. Pione Sisto: The nimble-footed, wily left winger can possess a lot of questions to Croatia's defence.
  • What to savor from World Cup's last 16

    What to savor from World Cup's last 16

    But still, they did not let Russian Federation , a team that scored eight goals in two games, get an opportunity against them. I'm not like those who moan about having little teams at these competitions - for me that's what the World Cup is all about.
    Thousands expected at ‘Families Belong Together’ march and rally in DC

    Thousands expected at ‘Families Belong Together’ march and rally in DC

    In response to a federal court order, the Trump administration announced a new policy with regard to migrant families on Friday. Tweeting from New Jersey on Saturday, Trump urged ICE agents to "not worry or lose your spirit". "Honestly, I am blown away.

    Iran looking for ways to export oil despite USA sanctions

    They also spoke about the efforts of producing countries to compensate for any potential shortage of supply, the statement said. However, the push appears to have already faced resistance by Iran's major oil clients such as India and Turkey.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.