Asian stocks posted mixed results today after US Treasury Secretary Steven Mnuchin called top American banking executives in the wake of Wall Street's worst week in a decade.
U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index on pace for its biggest percentage decline in December since the Great Depression.
The Dow and the Nasdaq ended Friday with their biggest weekly drop since the start of the global financial crisis as investors took fright over a government shutdown in Washington, President Donald Trump's public feuding with the Federal Reserve and the US-China trade war returning to the forefront.
Hong Kong and Seoul both dropped in Monday's trading while Sydney and Shanghai closed up. Tokyo was closed for a public holiday.
The mixed regional bag came after Mnuchin spent much of the weekend in damage control mode following multiple media outlets reporting that Trump had privately asked cabinet members if he has the authority to fire Fed Chairman Jerome Powell.
Asian stocks posted mixed results today after US Treasury Secretary Steven Mnuchin called top American banking executives in the wake of Wall Street's worst week in a decade (file picture)
Treasury Secretary Steven Mnuchin called six top US bankers on Sunday amid concerns over falling stocks
Last week, the central bank hiked rates, infuriating Trump who has ignored the traditional respect for the Fed's independence, calling it 'crazy', 'out of control' and a greater economic threat than China.
Mnuchin denied the reports of Trump seeking Powell's scalp, tweeting on Saturday that the president told him: 'I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.'
The following day, Mnuchin announced he had called senior executives from six of the largest American banks to discuss the market turmoil and received assurances.
'The banks all confirmed ample liquidity is available for lending to consumer and business markets,' the Treasury said in a statement attached to a tweet from Mnuchin announcing the calls.
'We continue to see strong economic growth in the US economy with robust activity from consumers and business,' Mnuchin was quoted in the statement as saying, adding that he would convene a call with the President's Working Group on financial markets later Monday.
U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index on pace for its biggest percentage decline in December since the Great Depression
'Today I convened individual calls with the CEOs of the nation's six largest banks,' Treasury Secretary Steven Mnuchin said on Twitter
Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters.
'Nothing says don't panic like saying 'I'm calling the plunge protection team tomorrow',' Michael O'Rourke, JonesTrading's chief market strategist, told Bloomberg News.
'I honestly think that's the type of event that's going to startle markets and create more panic and fear when it's meant to create confidence.'
Last week's turmoil in Washington - which included a government shutdown that appears likely to last until at least Thursday and the abrupt resignation of Defense Secretary Jim Mattis - has spooked markets worldwide.
Japan's Nikkei hit a fresh 15-month low on Friday with its fourth consecutive day of losses, joining the tech-rich Nasdaq in bear territory.
In European markets on Monday London and Paris were down 0.65 and 0.92 percent respectively in early morning trade while Frankfurt was up 0.21 percent.
Oil inched higher in Asian trade after crude-producing nations said they expect prices will arrest their recent slide and rebalance early next year, when a deal on new production cuts takes effect.
However, analysts said prospects for a global economic slowdown in the coming year - which would weaken crude demand - and rising US shale output are dampening sentiment and limiting any rebound from the current 15-month lows.
Prices have plunged by around 40 percent from four-year peaks reached in early October on concerns about oversupply and weaker demand.
In foreign exchange markets, the yen rose 0.1 percent to 111.10 per dollar, the euro was up 0.2 percent at $1.1390 and the pound was at $1.2662, a 0.1 percent rise.
Link hienalouca.com
https://hienalouca.com/2018/12/24/asian-stocks-post-mixed-results-ahead-of-christmas-after-wall-streets-worst-week-in-a-decade/
Main photo article Asian stocks posted mixed results today after US Treasury Secretary Steven Mnuchin called top American banking executives in the wake of Wall Street’s worst week in a decade.
U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
https://i.dailymail.co.uk/1s/2018/12/24/09/7784900-6526563-image-a-1_1545644816088.jpg
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