FAST FIVE: Market Rally Fizzles As New Front Breaks Out In Global Trade War Amid Dismal Econ Data
Japan's Nikkei had ended 0.1% stronger too and though Chinese shares sagged, the “offshore” yuan firmed to its strongest level since July on the trade hopes.
As noted earlier, the reported banning of Australian coal imports at the Chinese port of Dalian is seen as a sign that Beijing is flexing its economic muscles and warning nations not to bar its next-generation, 5G wireless technology or Huawei for that matter.
Top European News Telecoms Trail in Europe as Results From Heavyweights Fall Flat European Banks Caught Between Nordic Contagion and Barclays Joy Just Eat Drops on Report Uber Eats Eyes UK Marketplace Service In FX, it was a really rough night for the Antipodean Dollars, and especially the Aud that failed to glean any lasting benefit from a robust if not stellar January jobs report, as Westpac delivered an extremely dovish RBA outlook with not just one, but two rate cuts pencilled in for this year (August and November).
Meanwhile, overnight Bloomberg reported that the US and Chinese negotiators are working on multiple memorandums (6 in total as per Reuters) of understanding that would form the basis of a final trade deal and the MoUs are likely to cover areas including agriculture, non-tariff barriers, services, technology transfer and intellectual property.
The PMIs are out just after that before we can get a look at January public finances data in the UK.