Hong Kong stocks open with losses; Shanghai gains 0.3%

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul South Korea Monday Aug. 12 2019. Asian stocks gained Monday amid investor jitters the U.S.-China trade war might be worsening. (AP

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul South Korea Monday Aug. 12 2019. Asian stocks gained Monday amid investor jitters the U.S.-China trade war might be worsening. (AP

Worries about the damaging effects of the trade war were underscored by a warning from Goldman Sachs of the rising risk of a USA recession, and that it no longer expects a trade deal before the 2020 US presidential election. Australian shares dipped about 0.1 per cent while the South Korean market clawed back from early losses to rise 0.12 per cent.

Investors were encouraged by hopes global central banks will keep interest rates low to shore up economic growth.

Germany's DAX advanced 0.4% to 11,738.68 and France's CAC 40 added 0.4% to 5,347.64. "Headwinds remain strong as a deal in the short term between the US and China is a long shot".

Major Chinese stocks closed higher Monday, with the benchmark Shanghai Composite Index up 1.45 percent, at 2,814.99 points.

Taiwan declined while New Zealand was unchanged. The S&P 500 index was down 26.71 points at 2,891.94, while the Nasdaq composite was down 67.18 points at 7,891.96.

Markets in Japan and Singapore were closed for a holiday on Monday.

BlackRock takes huge stake in parent of Sports Illustrated
Authentic Brands, based in 2010, develops and markets manufacturers in sectors including entertainment, fashion, and lifestyle. The fund and affiliated entities invested US$875 million, said Andre Bourbonnais, head of Long-Term Private Capital.

On Friday, the S&P 500 ended down 0.7% while the Dow fell 0.3%.

The three biggest H-shares percentage decliners were China Resources Beer Holdings Co Ltd, which has fallen 2.04%, PetroChina Co Ltd, which has lost 1.0% and Hengan International Group Company Ltd, down by 0.9%.

The December gold contract was up US$7.40 at US$1,515.90 an ounce and the September copper contract was down 0.55 of a cent at US$2.58 a pound.

USA crude was down 0.53 per cent to $54.21 a barrel and global benchmark Brent crude shed 0.51 per cent to $58.23 per barrel. Brent crude, used to price worldwide oils, shed 34 cents to $58.19 per barrel in London.

Consumer firms also shined, as bellwether Moutai led with a 4.5% gain in the sector after brokerage raised its share target price to 1,200 yuan.

At press time, the USD/JPY is trading at 105.46, down 0.10% on the day and is looking to set new multi-month lows below Friday's low of 105.27. The euro ticked down slightly to $1.1193 from $1.1201.

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