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Asian share markets found support on Thursday as a rally in Chinese stocks helped offset the latest escalation in the Sino-U.S. trade war, while Russia’s rouble tumbled as the United States slapped fresh sanctions on the country.
Axar.az reports citing Reuters.
Shanghai blue chips climbed 2.7 percent amid talk of possible government support for home-grown technology companies, just the latest in a series of growth-boosting measures rolled out by Beijing as the trade dispute worsens.
Hopes for more Chinese infrastructure spending also underpinned industrial resources including iron ore and copper.
The gains in Chinese stocks helped MSCI’s broadest index of Asia-Pacific shares outside Japan reverse early losses to nudge up 0.5 percent.
The relief had yet to spread to Europe with financial spread-betters tipping London’s FTSE to open 8 points lower, Frankfurt’s DAX 4 points down and Paris’ CAC flat.
Japan’s Nikkei slipped 0.2 percent, weighed in part by a shock slump in core machinery orders.
Shares in Mazda Motor Corp, Suzuki Motor Corp, and Yamaha Motor Co also fell on the news they conducted improper fuel economy and emissions tests on their vehicles.
Japan will try to avert steep tariffs on its car exports and fend off U.S. demands for a free trade agreement at talks in Washington later in the session.
Early on Thursday, China’s state broadcaster said the country must counteract U.S. tariffs and that Beijing had the confidence to protect its own interests as well as the means to do so.
China had already announced additional tariffs of 25 percent on $16 billion worth of U.S. imports from fuel to autos. The tariffs will apply to billions of dollars in U.S. gasoline, diesel, and other oil products, though not crude.
The oil market took the news hard on Wednesday, suffering losses of more than 3 percent.
2018.08.09 / 14:25