The European Union and China have agreed to hold further technical negotiations soon on possible alternatives to tariffs on China-built electric vehicles, although significant gaps remain, the European Commission said on Friday.
The Japanese yen steadied near its weakest level in three months as Japan geared up for a tightly contested general election over the weekend, while verbal warnings on potential currency market intervention also kept traders skittish towards the currency.
Oil prices nudged higher on Friday and are on track for a weekly gain of more than 1%, as tensions in the world’s top oil-producing region, the Middle East, and a restart in Gaza ceasefire talks in the coming days kept traders on edge.
Bitcoin’s price moved little on Friday, while broader crypto prices retreated as appetite for risk-driven assets remained weak amid uncertainty over a tight U.S. election and high interest rates.
Shanghai Power Asset Management Co has apologised to investors and shut its arbitrage strategy after heavy losses, the latest China hedge fund bruised by wild gyrations in the market since authorities vowed to support the economy and hit growth targets.
China firmly opposes unilateral sanctions and long-arm jurisdiction without the basis of international law and the authorization of the UN Security Council,” ministry spokesperson He Yadong said at a press briefing.
Most Asian currencies steadied from recent losses on Thursday with the Japanese yen remaining close to near three-month lows, while the dollar remained underpinned by expectations of slower interest rate cuts.
Gold prices rose slightly in Asian trade on Thursday, but were nursing a tumble from record highs as anxiety over the U.S. election and a shifting outlook for interest rates favored the dollar.
Crypto trading volumes were also mostly subdued amid increased risk aversion, while overnight losses in stock markets also provided middling cues to crypto markets. Most altcoins also tracked muted moves in Bitcoin, while Solana rallied past its peers on increased activity on the blockchain.
Investors will study a raft of preliminary Purchasing Managers’ Index readings from the major eurozone countries during Thursday’s session, amid concerns about the region’s growth prospects.
