Fast Asia Open: Travel ban, take two

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Second verse, (mostly) same as the first.

President Donald Trump signed an executive order on Monday barring citizens from six (not seven) predominantly Muslim nations from entering the US in a second attempt at a travel ban after his first botched effort in January was knocked back by the courts.

The order prohibits citizens of Sudan, Syria, Iran, Libya, Somalia and Yemen from entering the US for 90 days while Washington reviews vetting procedures and will take effect on March 16 – rather than immediately, as was the case with the first attempt at blocking entry to the US for citizens from a specific list of Muslim-majority nations. It also removes Iraq from the list.

Whether the courts agree that the new formation of Mr Trump’s ban is any more legal than the first is yet to be determined.

In Asia Pacific equities, Sydney’s S&P/ASX 200 has opened down 0.1 per cent. Futures tip Tokyo’s Topix is set to open 0.2 per cent higher and Hong Kong’s Hang Seng is expected to start the trading day down 0.1 per cent.

Corporate earnings reports out today include MTR, Value Partners, Luoxin Pharma and PLDT. The economic calendar for Tuesday is all about the forex (all times Hong Kong):

  • 08.30: Taiwan consumer price inflation
  • 09.00: Philippines consumer price inflation
  • 11.30: Reserve Bank of Australia cash rate target
  • 13.30: Australia foreign exchange reserves
  • 15.00: Malaysia foreign exchange reserves
  • 16.00: Taiwan imports, exports and trade balance
  • 17.00: Singapore foreign exchange reserves
  • Foreign exchange reserves data from China, Indonesia, Hong Kong, the Philippines are also due out today.
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