Asian stocks mixed over befuddling US trade stance

Asian stocks mixed over befuddling US trade stance

MSCI's broadest index of Asia-Pacific shares excluding Japan dropped another 0.6 percent after it touched a two-year trough on Tuesday.

"Chinese stocks have already slid into bear market territory".

In oil markets, prices rose on supply disruption in Canada, falling USA crude stocks, uncertainty over Libyan exports and US demands that importers stop buying Iranian crude from November.

A modest global rally in stocks on Wednesday spurred by a newly unveiled USA plan that takes a less confrontational approach to curbing Chinese acquisitions of American technology faded as investors shed optimism, but strong gains in oil limited losses.

Worries that a full-blown trade war will break out between Beijing and Washington continued to weigh on currencies and sent Chinese stocks hurtling lower, despite data showing profits rose at China's industrial companies.

USA futures are also significantly lower on Wednesday, with the derivatives markets pointing to a more than 1% loss for the Nasdaq at the opening bell, and falls of around 0.8% for both the S&P 500, and the Dow Jones.

The trade-sensitive Australian dollar earlier fell 0.3 percent to $0.7371, edging back towards last week's 13-month low of $0.7345.

Policies companies object to are "integral to the growth model China is pursuing", he said.

The state-owned China Daily newspaper, in a separate editorial on Wednesday, said USA industries and workers could eventually "feel the pain" as Trump's policies were affecting global supply chains.

European stocks rallied on Wednesday amid reports the Trump administration has backed away from invoking executive authority to impose a tough crackdown on Chinese investments in the U.S.

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

US Futures are also pointing lower, with the Nasdaq set to lose 1% at the opening bell.

China led Asian markets mostly lower on Wednesday as jitters over trade conflicts between the world's major economies lingered.

Historically, the US economy has tended to enter a recession after the spread had shrunk below zero percent, inverting the yield curve.

OIL: Benchmark U.S. crude gained 21 cents to $70.74 per barrel in electronic trading on the New York Mercantile Exchange.

USA crude futures surged 3.16 percent on Wednesday, rising as high as $73.06 a barrel, the highest since November 28, 2014, on signs of tight supply.

A market analyst from Shanghai told Reuters the move "demonstrates the government's attitude that we will import from other countries".

In the spot market, the yuan CNY=CFXS opened at 6.6177 per dollar, and ended the onshore trading session at 6.6250 per dollar, the weakest official close in seven months.

Yet the dollar could not sustain gains on the yen and eased back to 109.85 from an early 110.12. The currency is on course to post its smallest monthly range in almost four years this month.

The People's Bank of China (PBOC) fixed the yuan mid-point at a six-month low of 6.5569 per dollar on Wednesday.

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