Gains for Asian shares capped by fresh trade jitters, China stocks fall


The yen rose on Friday as U.S.

The yen strengthened as much as 0.4 per cent against the dollar to ¥105.70 (RM4.17) on a fresh worries triggered by a Bloomberg report.

Meanwhile, Huawei, ., which has found itself one of the biggest issues in the trade war due to the USA sanctions it's now subject to, . has declared its intention to spur talent recruitment for technology independence.

The Bloomberg report on Huawei, a telecoms equipment maker that Washington has accused of espionage and stealing intellectual property, sparked a flurry of risk-off trades which also pushed up gold prices and sent USA stock futures lower. "China trade dispute remains a risk, and this risk is not receding".

The dollar index, which measures the greenback versus a basket of six major currencies, was little changed at 97.541 but on track for its biggest weekly decline since late June.

That followed reports on Thursday that the new UK Prime Minister, Boris Johnson, was planning for an election after an October 31 Brexit. Huawei suppliers Micron Expertise Inc. and Western Digital Corp. declined as a lot as 2.2% after information of the delay in license approvals, whereas Qualcomm Inc., Xilinx Inc., and NeoPhotonics Corp. all fell more significant than 1% in after-hours trading.

The data offers some relief for the Bank of Japan, which is under pressure to follow other central banks and ramp up stimulus to head off heightening global risks.

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The Chinese yuan rose slightly, taking it further away from lows hit on Monday when Beijing shocked markets by allowing the currency to weaken past 7 to the dollar.

Spot gold held near the more than six-year peak touched Wednesday, with rising 0.3 per cent to US$1,505.20 an ounce as investors sought the safety of the precious metal.

While the Chinese rare earth association rarely comments on the trade war, . and made no mention of export restrictions during their meeting, .it said all attendees agreed USA tariffs on Chinese goods were aimed at suppressing China's development.

Previously week tensions have escalated additional as Trump stated he would impose a 10% tariff on $300 billion of Chinese imports as of September 1 and his Treasury Department formally labeled China, a forex manipulator. Those reports had shoved sterling to a two-year low against the euro.

Brent crude retreated 0.1% to $57.32 per barrel and U.S. West Texas Intermediate (WTI) crude eased 0.1% to $52.50.

The Financial Times, citing unidentified senior aides to the prime minister, reported that Johnson would hold an election in the days following Brexit if lawmakers sunk his government with a vote of no-confidence.