- Shanghai Composite has printed intraday lows on key average.
- Asian stocks are trading mixed on trade tensions.
Shanghai Composite is better bid this Wednesday, having bounced up from the 50-day moving average line (MA) in early trade.
The index is currently trading largely unchanged on the day at 2,938, having printed intraday lows on the 50-day MA of 2,925.
Other Asian indices are trading mixed with Japan’s Nikkei reporting a 0.46% drop and South Korea’s Kospi shedding 1%.
Stocks in Hong Kong are also down 0.47% while Australia’s S&P/ASX 200 is up 0.405 at press time.
The US stocks fell in the overnight trade with the S&P 500 index dropping by 10 points or 0.34%.
President Trump said Tuesday that Washington and Beijing have a long way to go on trade, adding that the US could impose tariffs on additional $325 billion with of Chinese goods.
Meanwhile, Federal Reserve President Powell reiterated the Pledge to “act as appropriate” to ensure sustained economic expansion. The central bank is widely expected to cut rates by 25 basis points later this month.
Dovish Fed expectations have helped markets remain bid over the last few weeks, despite the lingering Sino-Us trade tensions.
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