ASEAN

US, China Spar at 35th ASEAN Summit in Thailand

The rivalry between the United States and China over influence in the Asia-Pacific region was on show Monday as the two superpowers traded barbs over freedom of navigation in the region’s seas.

The war of words took place at the annual summit of leaders of the Association of Southeast Asian Nations, hosted this year by Thailand. The meeting allows Southeast Asian leaders to deal as a bloc with the world’s major powers, leveraging their influence in making security and trade arrangements.

At the same time, the meeting serves to highlight the rivalry between the U.S. and China, which both seek to strengthen their clout in the geopolitically important region.

Beijing accusing Washington

On Friday the two countries repeated familiar charges — Beijing accusing Washington of interfering in Asian affairs, and Washington accusing Beijing of violating the law of the sea and encroaching on the natural resources of other countries.

Washington, however, found itself handicapped as President Donald Trump did not attend the meeting, sending in his place neither Vice President Mike Pence or Secretary of State Mike Pompeo, but his recently appointed national security adviser, Robert O’Brien.

Other major powers sent their heads of government. Those attending as guests of ASEAN included Japanese Prime Minister Shinzo Abe, Indian Prime Minister Narendra Modi and Chinese Premier Li Keqiang.

Asean leaders skipped an important meeting

Washington’s diplomatic move was underlined when seven of the Southeast Asian leaders skipped an important meeting with O’Brien, sending instead their foreign ministers. Their action was technically appropriate in terms of diplomatic protocol for a meeting with O’Brien, who Trump anointed his “special envoy” to the meeting in Bangkok.

American officials, fearing a boycott, urged all Southeast Asian heads of state to attend Monday’s meeting. But ASEAN leaders decided to send only Thai Prime Minister Prayuth Chan-ocha as host, the Vietnamese prime minister as host of next year’s summit and the leader of Laos, who oversees ASEAN-U.S. relations, a Southeast Asian diplomat told The Associated Press on condition of anonymity because he lacked authorization to discuss the issue.

During the meeting, O’Brien read a letter from Trump, who invited ASEAN leaders to a “special summit” in the U.S. early next year.

O’Brien at a news conference denied that he regarded the meeting as a snub, saying he “only experienced very, very gracious and generous hospitality and meetings from all the leaders here, ASEAN and other leaders in the Indo-Pacific.” He declared that he “had a great set of meetings and didn’t feel like there was anything at all untoward.”

Long-simmering territorial conflict

O’Brien spoke with a sharper edge when discussing one of ASEAN’s main concerns, China’s aggressive territorial claims over the South China Sea, a major concern of four Southeast Asian nations with competing claims — Brunei, Malaysia, the Philippines and Vietnam. Taiwan is also involved in a long-simmering territorial conflict in the busy waters, a key waterway for global commerce. Dwarfed by China’s military, rival claimant states have looked at the U.S. as a counterweight to the Asian powerhouse.

O’Brien took a swipe at China, saying Beijing was using intimidation to try to stop ASEAN nations from exploiting their offshore resources, blocking access to $2.5 trillion in oil and gas reserves alone.

China has long warned Washington not to interfere in territorial disputes it regards as a purely Asian issue. It opposes naval and aerial patrols by the U.S. and its allies in the disputed waters, but American forces have maintained their presence and continued “freedom of navigation” sail-bys designed to challenge China’s vast territorial claims.

Chinese Premier Li said he was confident that a regional code of maritime conduct that China is negotiating with ASEAN states could be concluded in three years.

China and the South China Sea

Responding to a question about O’Brien’s comments, he told reporters: “Regretfully, while the tree desires tranquility, the wind keeps blowing. Some non-regional countries have done everything to make trouble and raise tensions. They want to impose their will on our countries.”

O’Brien delivered a retort to Li, saying, “We don’t believe that any country should just seal off massive portions of the Pacific Ocean and claim that their territorial waters like it’s a lake, like it’s a lake up in Lake Tahoe, an island in the middle of the U.S.”

Noting the U.S. heritage as a maritime trading nation, he told reporters that “international law allows us to go in international waters when we choose. And for the reasons that we chose. And so we don’t think that sailing the high seas in any way infringes on any other country.”

He stressed that China’s actions threatened to deprive Southeast Asian nations of the natural resources that rightfully belong to them.

“It’s against the rules. It’s not fair. It’s not right. And so the United States has never been shy about calling that out,” he said. “Now, that doesn’t mean we don’t want good relations with China. We want great relations with China.”

The other major issue tackled by ASEAN leaders resulted in progress after seven years of negotiations for a massive free trade deal called the Regional Comprehensive Economic Partnership. However, India, facing fierce domestic opposition to its market-opening requirements, has dropped out.

RCEP, which does not include the U.S., aims to level trade barriers between ASEAN members and six other countries in a bloc encompassing roughly a third of all global trade.

News Source: The Associated Press

ASEAN

Thailand Touts Peace Plan With ASEAN Partners for Myanmar

Asean looks to restore peace in Myanmar: File Image

Thailand has urged that three or more ASEAN member countries collaborate to engage with Myanmar’s military regime in order to alleviate the crisis and bring peace to the conflict-torn country, while keeping steadfast in its commitment to humanitarian aid and peace promotion.

Foreign Affairs Ministry spokesman Nikorndej Balankura said on Wednesday that Thailand had coordinated with Laos, the current Asean chair, to arrange what it terms Asean “Troika” and “Troika plus” talks to restore peace in Myanmar.

The Asean Troika is a community of foreign ministers from the bloc’s previous, current, and prospective chair countries [Indonesia, Laos, and Malaysia]. The term “plus” refers to other Asean members who are interested in promoting peace or concerned about the problem.

Mr Nikorndej stated that the proposed meetings are most likely to take place in Thailand and restated the country’s willingness to mediate negotiations between Myanmar’s junta and resistance organizations.

He stated that the ongoing violence is not between Thailand and Myanmar, and that the Thai government will provide humanitarian assistance to all groups affected by the fighting in accordance with national security, international relations, and human rights standards.

He emphasized that the crisis impacts all countries, including Thailand, which shares a border with Myanmar.

“Thailand is a peace advocate, thus we must stress our role as an active promoter of peace. This is evident in our willingness to mediate negotiations between Myanmar’s conflicting parties. “If they agree, we’re ready,” he stated.

Border Trade Resumes

According to Mr Nikorndej, because the majority of the refugees have returned to Myanmar, the situation is not considered severe, and the consequences on Thailand are limited, affecting border trade only temporarily.

The government committee overseeing the situation along the Thai-Myanmar border, chaired by Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-Nukara, is considering forming sub-committees with the National Security Council (NSC) to make the selections.

He highlighted that the situation along the Thai-Myanmar border has improved over the last 48 hours, with no reports of firing from locals. However, the committee will keep an eye on the situation, which is fluid.

During Mr Parnpree’s visit to Tak’s Mae Sot area on Tuesday afternoon, he stated that there has been no fighting at the 2nd Thailand-Myanmar Friendship Bridge since Sunday, and the majority of the refugees who left the fighting over the weekend have since returned.

He stated that the most important thing is that Thai residents be reassured that the government is taking steps to alleviate the effects of the Myanmar conflict on their livelihoods.

“Our agencies have response plans and people can rest assured that we are giving top priority to their safety,” he went on to say. When asked when the Mae Sot checks will reopen, he said they are expected to do so soon because both sides in Myanmar understand the importance of the 2nd Thai-Myanmar Friendship Bridge as a crucial border commerce route.

Residents Return to Myanmar

Meanwhile, the final group of 658 Myanmar refugees who sought safety in Mae Sot on Wednesday voluntarily chose to return once the situation in Myawaddy eased, according to local officials.

They were provided needs, such as medicines, before crossing the Moei River back to Myawaddy. Local officials and charity workers escorted them away.

According to the most recent reports, the checkpoint at the 1st Thai-Myanmar Friendship Bridge reopened on Wednesday, and junta troops who had fled to the 2nd Thai-Myanmar Friendship Bridge had returned to their barracks at the 275th Infantry Battalion.

On Wednesday, Reuters reported that a Myanmar rebel force has evacuated from Myawaddy following a military counteroffensive.

According to a spokesman for the Karen National Union (KNU), the “temporary retreat” from the town of Myawaddy occurred after junta soldiers returned to the crucial strategic location, which serves as a conduit for more than $1 billion in yearly foreign trade.

ASEAN’s Influence Over Myanmar

ASEAN, or the Association of Southeast Asian Nations, is a regional intergovernmental organization made up of ten Southeast Asian countries. Founded in 1967, its mission is to foster economic, political, and social cooperation among its members. These countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

ASEAN plays an important influence in the area. It promotes economic integration through initiatives such as the ASEAN Economic Community, which improve trade and investment flows. The group also addresses security, climate change, and human rights. It has tried to create a single market, promote sustainable growth, and deepen ties with its international partners.

Despite obstacles such as managing divergent interests, ASEAN remains influential. Its combined market of approximately 650 million people, as well as its strategic location between India and China, lend it economic weight. The group’s goal is to maintain regional stability while furthering its members’ common interests on the global stage.

ASEAN

Thailand Touts Peace Plan With ASEAN Partners for Myanmar

Asean looks to restore peace in Myanmar: File Image

He emphasized that the crisis impacts all countries, including Thailand, which shares a border with Myanmar.

Border Trade Resumes

He stated that the most important thing is that Thai residents be reassured that the government is taking steps to alleviate the effects of the Myanmar conflict on their livelihoods.

Residents Return to Myanmar

Meanwhile, the final group of 658 Myanmar refugees who sought safety in Mae Sot on Wednesday voluntarily chose to return once the situation in Myawaddy eased, according to local officials.

They were provided needs, such as medicines, before crossing the Moei River back to Myawaddy. Local officials and charity workers escorted them away.

On Wednesday, Reuters reported that a Myanmar rebel force has evacuated from Myawaddy following a military counteroffensive.

ASEAN’s Influence Over Myanmar

ASEAN

7 key things Changed for Indian Stock market Overnight – Gift Nifty, tech stocks rally to oil prices

Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US tech stocks rally to oil prices

(CTN News) – Indian stock market: The domestic equity market is projected to open lower on Tuesday, mirroring mixed global market cues ahead of global central banks’ monetary policy meetings.

Asian markets fell as US stock indices closed higher overnight, boosted by mega-cap growth stocks.

For additional interest rate clues, market investors will look to the Bank of Japan’s monetary policy choices later today and the US Federal Reserve’s policy this week. On Monday, the Indian stock market indices finished the turbulent day higher, powered by key metals and auto giants.

The Sensex rose 104.99 points, or 0.14%, to close at 72,748.42, while the Nifty 50 advanced 32.35 points, or 0.15%, to 22,055.70. “We expect the markets to consolidate in the coming days, while the broader market may remain subdued,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.

Here are significant worldwide market indications for the Sensex today:

Asian marketplaces

Asian markets fell on Tuesday ahead of the Bank of Japan’s monetary policy decision. After 17 years of negative interest rate policy, the Bank of Japan will likely cease it.

Japan’s Nikkei 225 lost 0.5% at the outset, while the Topix remained steady. South Korea’s Kospi fell 0.8%, while the Kosdaq dropped 0.4%. Hong Kong’s Hang Seng index futures showed a dismal start.

Gift Nifty Today

Today, the Gift Nifty was trading at 22,060, a markdown of nearly 70 points from the previous close of the Nifty futures. This indicates a gap-down start for Indian stock market indices.

US stock market indices closed higher on Monday, powered by mega cap growth stocks, as investors awaited the Federal Reserve’s policy meeting this week.

The Dow Jones Industrial Average rose 75.66 points, or 0.20%, to 38,790.43, while the S&P 500 increased 32.33 points, or 0.63%, to 5,149.42. The Nasdaq Composite closed 130.27 points, or 0.82% higher, at 16,103.45.

Tesla shares rose 6.3%, while Nvidia shares rose 0.7%. Xpeng’s US-listed shares rose 1.9%, Boeing’s stock price fell 1.5% and Super Micro Computer’s stock dropped 6.4%.

On Monday, technology megacap stocks in the US soared, with the Nasdaq 100 gaining about 1% and the ‘Magnificent Seven’ tech megacaps rising twice as much.

Google’s parent Alphabet shares rose 4.4% after Bloomberg News reported that Apple Inc. is discussing incorporating Google’s Gemini artificial intelligence engine inside the iPhone. Apple shares rose 0.6%.

Nvidia’s stock price jumped 0.7% after CEO Jensen Huang unveiled new chips to extend the company’s supremacy in AI computing. Tesla shares rose 6.3% after the electric carmaker announced that it would shortly raise the price of its Model Y EVs in areas of Europe.

Indian stock market Oil Prices:

Crude oil prices rose further following Ukrainian drone assaults on Russian refineries and OPEC supply cutbacks. Brent crude, the global standard, rose 0.06% to $86.94 per barrel after rallying 1.8% on Monday to its highest closing since late October. West Texas Intermediate was trading 0.06% higher at $82.77.

Bank of Japan

The Bank of Japan is anticipated to abandon its eight-year negative interest rate policy on Tuesday and raise interest rates for the first time in 17 years. If the nine-member board deems the conditions are right, the BOJ will set the overnight call rate as its new objective and guide it in a range of 0-0.1% by paying 0.1% interest on excess reserves held by financial institutions at the central bank, according to Reuters.

Japan’s 10-year government bond rate increased by one basis point (bp) to 0.765%, while the two-year yield increased by one bp to 0.19%.

US Treasury Yields

The benchmark US 10-year Treasury yields rose to three-week highs on Monday, ahead of the Federal Reserve’s meeting this week. The yield on 10-year notes reached 4.348%, up nearly 5 basis points on the day and the highest since February 23. According to Reuters, two-year yields rose to 4.751%, the highest level since February 23. The yield curve inversion between two-year and ten-year notes narrowed by 2 basis points to minus 40.

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