Asia stabilise post turbulence as Trump keeps deal hopes alive

ECONOMY

On Wednesday , Asian Indices jumbling near a 3 month low on lingering concerns over the economic impact of a U.S.-China trade war, although an overnight bounce on Wall Street helped limit the losses.
In the short term the equity markets have begun digesting the latest round of the trade war.
On the day, investors will look to a batch of Chinese economic data due later for a further gauge of the health of the world’s second-biggest economy.
U.S. stocks on Tuesday reclaimed some of the ground lost in the prior day’s steep sell-off, with tariff-sensitive technology stocks heartened by a slight softening in U.S.-China trade rhetoric.
U.S. President Donald Trump on Tuesday said he had a “very good” dialogue with China and insisted talks between the world’s two largest economies had not collapsed.
Yet, investors braced for a protracted U.S.-China trade war.

The Chinese yuan stood little changed at 6.9044 per dollar in offshore trade, having edged away from a five-month trough of 6.9200 set on Tuesday.
The dollar index against a basket of six major currencies was nearly flat at 97.534 after gaining 0.2% the previous day.
The dollar traded a shade higher at 109.675 yen, pulling away from a three-month low of 109.020 plumbed.
The euro was steady at $1.1202. The common currency had dipped nearly 0.2% the previous day after Italy’s deputy prime minister said the country is ready to break European Union budget rules on debt levels if necessary to spur employment.
The Australian dollar gave up a quarter of a percent to $0.6928, falling to its lowest since early January ahead of the release of the Chinese data.
Bitcoin traded flat Tuesday as it struggled to hold early gains after breaching $8,000 for the first time in nearly a year. Bitcoin fell 0.97% to $7,750 on the Bitfinex exchange from a high of $8,194.10.

U.S. crude futures were down 1.04% at $61.14 per barrel after the American Petroleum Institute (API) reported a bigger-than-expected build in crude oil inventory.
U.S. crude inventories rose by 8.6 million barrels in the week to May 10 to 477.8 million, compared with analysts’ expectations for a decrease of 800,000 barrels.
Gold has had its shot at $1,300. Gold is adjusting to the stocks and dollar rebound, but is still within the upper-range bound number close to $1,300.