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Global stocks rise after sell-off; yields up on comments by Fed chair

NEW YORK: Stocks on world markets edged higher on Wednesday, following a recent sell-off on rapidly escalating China-U.S. trade tensions, while Treasury yields rose after the Federal Reserve chairman said the U.S. central bank should continue with a gradual pace of interest rate hikes.

The Dow Jones Industrial Average fell 42.41 points, or 0.17 percent, to 24,657.8, the S&P 500 gained 4.73 points, or 0.17 percent, to 2,767.32 and the Nasdaq Composite added 55.93 points, or 0.72 percent, to 7,781.52.  The pan-European FTSEurofirst 300 index rose 0.31 percent and MSCI's gauge of stocks across the globe gained 0.35 percent.

US-China trade war may further lower crude prices

TOKYO: Oil traded below US$66 a barrel as escalating trade tensions between the world’s two largest economies added jitters to a market that’s already nervous about the upcoming Opec meeting on output policy.

“Investors would have taken more of a wait-and-see stance in ordinary circumstances before an Opec meeting, but factors that are not unique to the oil market, such as the risk of a US-China trade war, could further lower crude prices,” Jun Inoue, a senior economist at Mizuho Research Institute Ltd, said by phone from Tokyo.

China’s growth likely to be hit by Trump’s tariffs

BEIJING: Donald Trump’s threat to impose tariffs on another US$200bil of Chinese imports could cut as much as half a percentage point from the nation’s economic growth, according to economists

Blankfein: That’s what you’d do if it was a negotiating position and you wanted to remind your negotiating counter party of how much firepower you have. — Bloomberg

Dr M: Nothing to fear from China but lopsided deals must end

MALAYSIAN Prime Minister ­Tun Dr Mahathir Mohamad wants to strengthen “good relations” with Beijing, but is urging Chinese ­investors to refrain from relying only on material, capital and ­labour from back home and ­denying his country any real benefits.

On his meeting with Ma, co-founder of Alibaba, which owns the Post, Mahathir said the Chinese tycoon had spoken of the kind of investments that would get his approval.

JPMorgan sees better days for Asia bonds

TOKYO: Investors in Asian dollar bonds can look forward to better times for the rest of the year, with junk corporate notes from the region likely to be the best performers, according to JPMorgan Chase & Co.

A sign outside the headquarters of JP Morgan Chase & Co in New York. Analysts at the US bank are forecasting gains to the end of the year for the different segments in the JPMorgan Asia Credit Index, including sovereign, investment-grade and high-yield corporate debt.

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