{"id":1964179,"date":"2023-07-04T18:57:01","date_gmt":"2023-07-04T22:57:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/morning-bid-china-pmi-eyed-as-u-s-trade-war-rumbles\/"},"modified":"2023-07-04T19:00:00","modified_gmt":"2023-07-04T23:00:00","slug":"morning-bid-china-pmi-eyed-as-u-s-trade-war-rumbles","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/morning-bid-china-pmi-eyed-as-u-s-trade-war-rumbles\/","title":{"rendered":"China PMI in focus amid ongoing US trade war."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmorning-bid-china-pmi-eyed-as-u-s-trade-war-rumbles%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1964179&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>By Jamie McGeever<\/strong><\/p>\n<p><strong>(Reuters) \u2013<\/strong> A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p><strong>The most important Asian economic indicator from a pretty packed calendar on Wednesday, and biggest potential market-mover, will be China\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/morning-bid-china-pmi-eyed-as-u-s-trade-war-rumbles\/\" title=\"China PMI in focus amid ongoing US trade war.\">services purchasing managers index report<\/a> for June, which comes amid the latest ratcheting up of U.S.-Sino tensions.<\/strong><\/p>\n<p><strong>Traders will also have Japanese, Australian and Indian services PMIs to digest, as well as the latest inflation data from Thailand and the Philippines, and can expect trading volume to return to more normal levels after the July 4 U.S. holiday.<\/strong><\/p>\n<p><strong>Currency traders are on high alert for intervention from authorities in Beijing and Tokyo to slow the slide in the yuan and yen, respectively, while Asian stocks ex-Japan will be looking to rise for a fourth day in a row \u2013 a winning streak not seen for two months.<\/strong><\/p>\n<p><strong>The main focus, however, will be on China. The economy has sputtered this year, triggering downward revisions to GDP growth estimates, widespread underperformance of Chinese assets, and increasing calls for fiscal and monetary stimulus.<\/strong><\/p>\n<p><strong>China\u2019s economic surprises index shows just how much recent data have undershot analysts\u2019 expectations \u2013 it is deeply negative, tumbling fast, and at its lowest in six months.<\/strong><\/p>\n<p><strong>Service sector activity, however, has held up reasonably well and has expanded every month this year, according to the PMI data. A solid number could help soothe investors\u2019 concerns.<\/strong><\/p>\n<p><strong>The yuan rose to a one-week high against the dollar on Tuesday as the central bank fixed the currency higher and major state banks again lowered their dollar deposit rates as authorities stepped up efforts to arrest the yuan\u2019s slide.<\/strong><\/p>\n<p><strong>The political backdrop to this is the latest flare up in U.S.-Sino tensions.<\/strong><\/p>\n<p><strong>China abruptly announced on Monday a series of curbs from Aug. 1 on exports of some metals widely used in semiconductors and electric vehicles, ramping up a trade war and potentially causing more disruption to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cdc-face-masks-dont-prevent-covid-19-study-finds-masks-have-negligible-impact-on-coronavirus-numbers\/\" title=\"CDC: Face masks don\u2019t prevent COVID-19, study finds masks have negligible impact on coronavirus numbers\">global supply chains<\/a>.<\/strong><\/p>\n<p><strong>This comes ahead of a planned visit to Beijing by U.S. Treasury Secretary Janet Yellen this week.<\/strong><\/p>\n<p><strong>Elsewhere in local FX markets, the Australian dollar rose for a fourth day on Tuesday after the Reserve Bank of Australia left its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chaotic-week-in-global-central-banking-as-recession-forces-itself-into-the-conversation\/\" title=\"Chaotic Week in Global Central Banking as Recession Forces Itself Into the Conversation\">benchmark cash rate<\/a> on hold at 4.10%.<\/strong><\/p>\n<p><strong>This was the second time in the RBA\u2019s tightening cycle it has stood pat on rates following April\u2019s shock pause, but was far less of a surprise \u2013 money markets had put only a one-in-three probability on a hike to 4.35%.<\/strong><\/p>\n<p><strong>Aussie bulls latched onto the RBA\u2019s warning that further tightening might be needed to tame inflation, and overnight swaps are still pointing to almost 50 basis points of further tightening this year.<\/strong><\/p>\n<p><strong>Here are key developments that could provide more direction to markets on Wednesday:<\/strong><\/p>\n<ul>\n<li><strong>China, Japan, India, Australia services PMIs (June)<\/strong><\/li>\n<li><strong>Philippines CPI inflation (June)<\/strong><\/li>\n<li><strong>Thailand CPI inflation (June)<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/morning-bid-china-pmi\/attachment\/vehicles-drive-on-the-guomao-bridge-through-beijings-central-business\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>with Joshua Coleman<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>with Ryan Helfenbein<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>with Tom Maoli<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>with A.J. Hurley<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By Kanishka Singh WASHINGTON (Reuters) &#8211;<\/strong>A U.S. federal judge on Tuesday restricted some agencies and officials of the administration of President Joe\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By Foo Yun Chee BRUSSELS (Reuters) \u2013<\/strong> Stung by criticism of tardy privacy investigations and the Irish privacy regulator\u2019s outsized role in\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>LONDON (Reuters) \u2013<\/strong> Britain should be cautious about whether to issue a digital version of the pound given privacy and other issues\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By Foo Yun Chee BRUSSELS (Reuters) \u2013<\/strong> Meta Platforms on Tuesday lost its fight against a German data curb order that strikes\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>of trade tensions between the US and China. Investors will closely watch this report as it could significantly impact Asian markets.<\/p>\n","protected":false},"author":66,"featured_media":1964180,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1964179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1964179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1964179"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1964179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1964180"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1964179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1964179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1964179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}