Connect with us

World

Stocks, currencies, oil and earnings in focus

Published

on

Over in Asia, Nikkei futures traded in Chicago were up 0.15 percent compared to the benchmark’s Thursday close. Meanwhile, Australian SPI futures were higher by 0.21 percent at the end of the last session.

Markets in Malaysia remained closed on Friday for a special holiday following the landmark general election win by Mahathir Mohamad’s opposition alliance. Mahathir, who was prime minister of Malaysia between 1981 and 2003, was sworn in as the prime minister late on Thursday.

The iShares MSCI Malaysia ETF, which had initially dropped more than 6 percent in reaction to the surprise election outcome, regained 1.76 percent on Thursday.

Geopolitics remained a focus in commodities markets, with oil prices settling slightly higher in the last session amid investor concerns over the impact of renewed U.S. sanctions on Iran oil exports. President Donald Trump had announced the U.S. would withdraw from the Iran nuclear deal earlier this week.

Bank of America Merrill Lynch analysts said Brent crude prices could rise as high as $100 per barrel on the back of factors including geopolitics.

On Thursday, U.S. West Texas Intermediate futures added 22 cents to settle at $71.36 per barrel and Brent crude futures settled 26 cents higher at $77.47.

The dollar index, which tracks the greenback against a basket of currencies, last stood at 92.650 after touching as high as 93.42 earlier this week. Against the yen, the dollar traded at 109.40 at 6:59 a.m. HK/SIN.

On the earnings front, results are expected from Samsung Life Insurance, NTT, and Sumitomo Mitsui Trust.

Source link

World

Australia Treasurer Josh Frydenberg on relationship with China

Published

on

The national flags of Australia and China are displayed before a portrait of Mao Zedong facing Tiananmen Square.

Frederic J. Brown | AFP via Getty Images

SINGAPORE — Australia will continue advocating for its national interests but would like to see strained relations with China improve, Australian Treasurer Josh Frydenberg said Monday.

“The China-Australia trading relationship is … very important,” Frydenberg told CNBC’s Will Koulouris. “It’s mutually beneficial. Our resources have helped underpin China’s economic growth and we welcome that.”

“At the same time, China has been a very important market for Australia and our exports to China has helped boost incomes here in Australia – been an important source of revenue and job creation,” Frydenberg told CNBC, as part of the network’s coverage of the Davos Agenda.

The relationship between the two major trading partners deteriorated last year when Australia supported a call for an international inquiry into China’s handling of Covid-19, which was first reported in the Chinese city of Wuhan.

… historically, we’ve had a very good partnership with China and we’d like to see that continue

Josh Frydenberg

Australian treasurer

Bottles of wine imported from Australia are displayed for sale at a supermarket on November 27, 2020 in Hangzhou, Zhejiang Province of China.

Long Wei | VCG | Getty Images

For his part, Frydenberg said Australia has a clear sense of its own national interests in areas of security, foreign investments as well as human rights.

“We’ll continue to advocate and speak up for Australia’s national interest but that shouldn’t preclude, again, strong relationships in the region and historically, we’ve had a very good partnership with China and we’d like to see that continue,” he added.

U.S. and its ‘indispensable’ role

Frydenberg said his government is looking forward to working with America’s new President Joe Biden and explained that the strength of the Australia-U.S. alliance doesn’t depend on which leader is in power in either country.

“The relationship has been strong and enduring — based on mutual respect, based on shared values and, certainly, shared interests,” he said, adding that the United States has an “indispensable role in our part of the world, in the Asia-Pacific.”

We’re looking forward to a very constructive relationship between the U.S. and Australia and it’s one that is critically important, not just to Australia but to the United States.

Josh Frydenberg

Australian treasurer

Under former President Donald Trump, the U.S. appeared to be retreating from a position of influence in the Asia-Pacific region.

Trump withdrew the U.S. from the Trans-Pacific Partnership agreement and Washington did not take part in the massive Regional Comprehensive Economic Partnership — signed by China and 14 other Asia-Pacific countries that would account for about 30% of the population worldwide, and global economy.

“We’re looking forward to a very constructive relationship between the U.S. and Australia and it’s one that is critically important, not just to Australia but to the United States as well,” Frydenberg said.

Source link

Continue Reading

World

iPhone 12 gestures and hidden menus

Published

on

Continue Reading

World

Biden’s stimulus may be too big amid economic recovery, should be targeted at those most impacted

Published

on

Continue Reading

Trending