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=GLOBAL SNAPSHOT: Powell Speech, Econ Data, Trade Issues In Focus This Week

KUALA LUMPUR (Aug 19) -- Significant international events and markets news:


*23:50 GMT: Japan July Trade Balance


The Dow Jones industrial average ended up 300 points Friday, but stock prices ended down for the week. The Dow rose 306.62 points, or 1.2%, to 25,886.01 points, the S&P 500 index added 41.08 points, or 1.44%, to 2,888.68 points and the Nasdaq gained 129.38 points, or 1.67%, to 7,895.99 points. Wall Street staged a relief rally Friday following a volatile week of trade dominated by concerns about rising U.S.-China trade policy tensions, weakening international economic growth and falling bond yields. In economic news U.S. housing starts fell 4% to an annual rate of 1.19 million, the Commerce Department said Friday. Building permits, however, rose 8.4% to an annual rate of 1.34 million, surpassing the consensus estimate of 1.29 million starts, according to a MarketWatch poll of economists. The University of Michigan’s consumer sentiment survey fell to 92.1 in August from 98.4 in July - below expectations of 96.8. Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday, with Fed chair Jerome Powell scheduled to give remarks on Friday. Flash PMIs are due for the euro area on Thursday, while minutes of the Fed’s July meeting are due on Wednesday. In stocks, shares of farm-equipment maker Deere & Co. ended up 4.00% Friday after it topped expectations for revenues, but fell short on earnings. Nvidia Corp. issued second-quarter earnings after the close Thursday that beat expectations for the second quarter. The company surpassed estimates for both earnings and revenue for the quarter following several quarters of weak performance for the company and the chip-making industry more broadly, which had lead Nvidia’s stock to fall 22% between April and Friday’s close. Shares rose 7.48% Friday. In Europe stocks were on the rise.


ICE U.S. dollar index futures were last down 0.007% at 98.000. The dollar ended roughly flat Friday. Worries tied to trade tensions and a Federal Reserve rate cut weighed on consumer sentiment and a report that Germany may run a deficit to boost growth lifted the euro. Consumer sentiment data came after the Treasury yield curve inverted this week, which historically has preceded U.S. recessions. The inversion stoked worries about the impact of the China-U.S. trade war. The yield on 10 year U.S. Treasury notes was last at 1.560%.


Nikkei 225 futures were last at 20,570, according to Japan Exchange Group. Japan shares edged up Friday. The Nikkei index gained 0.06% Friday to 20,418.81 points. The Nikkei lost 1.3% for the week. Hong Kong stocks ended up Friday but posted their fourth straight weekly decline on worries over international economic slowing, the China-U.S. tariff war and protests that threatened the city’s economy. The Hang Seng index ended up 0.9% at 25,734.22 points. Mainland China stocks closed up on Friday to end the week higher. The Shanghai Composite index rose 0.3% to 2,823.82 points.


Crude-oil futures prices rose Friday as traders weighed weakening demand against supply uncertainties linked to the Middle East and Organization of the Petroleum Exporting Countries production. West Texas Intermediate crude for September delivery rose 40 cents, or 0.7%, to $54.87 a barrel after trading as high as $55.67 during the session on the New York Mercantile Exchange. October Brent crude added 41 cents, or 0.7%, to $58.64 a barrel on ICE Futures Europe. In its monthly report released Friday, the OPEC lowered its forecast for world oil-demand growth in 2019 by 40,000 barrels a day to 1.1 million barrels. It left its 2020 forecast unchanged at 1.14 million barrels a day. OPEC also cut its outlook for non-OPEC supply growth in 2019 and 2020.


*Hong Kong Protests Pose Dilemma For Alibaba’s $15 Billion Listing In Financial Hub

Hong Kong’s political unrest is posing a dilemma for Alibaba on the timing of its planned $15 billion listing in the city, with sources saying China’s biggest e-commerce company is now considering several timetables. New York-listed Alibaba was most likely to launch the offer - potentially the world’s biggest of the year - as early as the third quarter, sources have said, and late August, after its first-quarter earnings, was widely viewed as the most likely window. In preparation for the giant offer, bankers advising other large listings in Hong Kong have been careful to avoid planning their launches around that period, fearing that a clash of timing would crowd out their offerings. - CNBC

*Hong Kong Protesters Flood City Streets For Largest Rally In Weeks

A sea of democracy activists flooded the streets of Hong Kong sunday under torrential rains in a peaceful demonstration to city leaders that their movement still draws wide public support, despite mounting violence and increasingly stark warnings from Beijing. Hundreds of thousands of umbrella-carrying protesters poured across the heart of Hong Kong island, defying both the downpour and a police order not to march from a park where they had gathered earlier for a rally. - Agence France-Presse

*White House Says No Recession In Sight, Pushes China Trade Talks

White House officials pushed back on Sunday against concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on international bond markets, and insisting their trade war with China was doing no damage to the United States. Trump administration economic adviser Larry Kudlow said trade deputies from the two countries would speak within 10 days and “if those deputies meetings pan out...we are planning to have China come to the USA” to advance negotiations over ending a trade battle that has emerged as a potential risk to international economic growth. - Reuters

- By Kuala Lumpur Newsroom;; +60320267363
- Edited by Glen Nicol Perkinson
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© 2019 Nikkei NewsRise Asia Pte Ltd. All Rights Reserved.
© 2019 Nikkei NewsRise Asia Pte Ltd.
All Rights Reserved.