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Asian stock markets fell for the eighth consecutive day on Wednesday as fears about the U.S. -China trade war persisted, but declines and market anxiety eased somewhat as the White House said it hoped to advance trade negotiations.
There are signs that the Chinese authorities are stabilizing the RMB exchange rate after the recent sharp fall in the renminbi, which has also helped alleviate investors'concerns about a possible global exchange rate war. However, the further decline in the early trading of the renminbi has triggered various speculations in the market.
The MSCI Mingsheng Asia-Pacific (excluding Japan) index did not change much at first, but then fell, falling 0.2% at 0459 GMT.
Japan's Nikkei index. N225 fell 0.4%, and the market is worried that a stronger yen will put further pressure on Japan's export stocks.
Shanghai Stock Market. SSEC had little change on Wednesday after a sharp fall in the previous few days, while Hong Kong's Hang Seng Index. HSI fell 0.4% in early trading.
But the selling pressure has been moderate compared with the past few trading days.
MSCI Mingsheng Asia Pacific (excluding Japan) stock index has fallen 8.3% in the latest decline.
E-Mini S&P 500 Index futures fell 0.5%. U.S. stocks rose overnight, with MSCI's global stock index rising for the first time in seven days.
Panic selling of riskier assets eased as the central bank took steps to stabilize the exchange rate of the renminbi, with the mid-price stronger than expected on Tuesday, and a source told Reuters that state-owned banks used swap operations to absorb dollars to support the renminbi.
But Wednesday's weakening of the yuan's mid-price, very close to the 7-point mark, has strained the market's intentions for China. Beijing allowed the renminbi to break through seven on Monday for the first time in 11 years. A few days ago, Washington threatened to impose tariffs on more Chinese imports to the United States.
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