Asian markets mixed but trade war fears fester

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Focus was on whether the RBA makes a mention of the recent U.S.

The European auto sector notched its biggest daily gains in more than two years. "Prudence suggests it has to be matched across Southeast Asia because of the competitive implications", said Bank of New York Mellon strategist Neil Mellor.

"This is going to be the dominant issue of the summer". In recent action, one dollar bought 6.6298 yuan, compared with 6.6672 yuan on Tuesday.

USA benchmarks initially gave up some gains in mid-afternoon trading after minutes from the Federal Reserve's last meeting on June 12-13 showed central bankers discussed whether trade tensions could dent the US economy.

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The boys would need to swim five metres down and then back up, as well as travelling 15m along a tunnel. Another option that has been discussed is simply keeping the boys in place until conditions improve.

The market was caught in the well-oversold territory after the PBoC, for the time being, stemmed the relentless United States dollar rally after avowing to keep the RMB exchange rate stable. "That's the type of statement that will spook investors knowing the Fed may tighten beyond the neutral level". Other markets are faring slightly better, but still in negative territory for the year: Japan was down 2.02 percent this year and South Korea's benchmark had declined 5.73 percent by Friday.

The trade row between the United States and major economies has rattled financial markets over several weeks, with no sign U.S. President Donald Trump is about to back down from his "America First" protectionism policies that many fear will harm the global economy.

The dollar fell 0.2 percent against a basket of six major currencies at 94.505 ahead of the U.S. Independence Day holiday, after notching up three consecutive months of gains. "The euro/dollar is misleading and it looks like nothing is happening", she said, adding that the market needed to see data on whether the trade dispute was so far having an impact on the real economy.

It is highly unlikely that China is using yuan depreciation as a tool in trade negotiations with the USA, said Tai Hui, chief market strategist of J.P. Morgan Asset Management (Asia Pacific).

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Both the yuan and Chinese equity markets have been on edge ahead of July 6, when US tariffs on $34 billion worth of Chinese goods take effect. It's just not 1MDB hotting up, but with Ex-PM Najib Razak reportedly arrested, this investigation could open a massive can of worms as this probe and ensuing court battle could run deep while exposing an underbelly of corruption, bribery and government fraud.

In Tokyo, the Nikkei 225 sank in afternoon trade, closing down 2.21 percent, or 492.58 points, at 21,811.93.

But at the end of the day, WTI is heading higher after American Petroleum Institute (API) reported another massive draw of 4.5 million barrels o for the week ending June 29 but inventories at Cushing the delivery hub for NYMEX WTI fell 2.6 million barrels.

Oil prices fell after US government data showed an unexpected build in crude stockpiles.

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The euro last traded at $1.1650, after shedding 0.45 percent overnight.

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