The Asia Eight

Daily must-reads from the world’s most dynamic region

March 29, 2021

1 TOP STORY: Foreign shops forced to close over Xinjiang

2 THE ATF BIG PICTURE: Stuck Suez ship is on the move

3 ASIA MARKETS: Margin selling damps rebound optimism

4 NEWS: Huawei purchases its way into payments space

5 NEWS: Oz ore exports to cover coal sales lost to China

6 NEWS: Block-trade crunch time looms for US-listed stocks

7 NEWS: China and Iran agree $400bn, 25-year oil deal

8 COMMENT: Even Fed's Powell sounds onside with bitcoin

01 Top Story

Foreign shops in China forced shut over Xinjiang

Swedish company is one of several hit by public backlash over its move to stop using cotton from the western Xinjiang region because of concern about forced labour 

02 ATF Big Picture Suez reopen as stuck ship shifts

Analysts say blockage shines light on changes already underway in global sea trading routes

03 Asia Markets Margin call sale damps rebound hopes

Nomura, Credit Suisse hit by hedge fund trading losses; oil slips after Suez unblocked; US dollar, Treasuries firm

04 Huawei enters pay space

Acquisition of Shenzhen Sharelink Network is not unexpected given the China tech giant has previously made forays into related operations and had a payment service called 'Huawei Pay'; the licence also helps it save on third-party transaction fees

05 Oz ore covers coal loss

New Department of Industry report indicates gains from the export of copper, lithium and nickel - much prized by tech firms - are expected to offset lower contributions from coal

06 Block sales and China

Forced block sales of Baidu and Tencent Music by fund Archegos will heighten volatility and test whether Asian-listed shares for Chinese firms can recover from slumps in their US-listed stocks

07 China, Iran sign oil deal

Beijing and Tehran sign a comprehensive cooperation agreement, under which Beijing has pledged to invest in Iran's energy, infrastructure and transport sectors in return for a steady supply of oil up to 2046

08 Comment

"More positive news came over the weekend in terms of how money managers, pension funds, and family offices are investing their wealth in bitcoin. Of course, some of the news was nothing but a reminder that bitcoin price is likely to see more upside than downside. Even Fed Chairman Jerome Powell compared bitcoin with a commodity like gold"

Naeem Aslam, Chief Market Analyst, AvaTrade