Friday 19 July 2019 ,
Friday 19 July 2019 ,
Latest News
  • 73.93 pc pass HSC, equivalent examinations; 47,286 students secure GPA 5
  • Armed forces ready to help: Army Chief
  • DU students demand ending affiliation with 7 colleges
  • Anti-mosquito drive from July 25: LGRD Minister
  • HSC results acceptable, good: PM
19 February, 2019 00:00 00 AM / LAST MODIFIED: 18 February, 2019 09:28:38 PM
Print

Asian markets boosted by hopes for China-US trade deal

AFP, Hong Kong
Asian markets boosted by hopes for China-US trade deal
Asian markets rallied with oil and high-yielding currencies yesterday. AFP PHOTO

Asian markets rallied with oil and high-yielding currencies yesterday as investors grow increasingly confident that China and the United States will eventually hammer out a deal to end their long-running trade war. While talks ended Friday in Beijing with no deal, negotiators shift to Washington this week with Donald Trump saying discussions were going “extremely well” and suggesting he could extend a March 1 truce deadline for an agreement to be reached.

The high-level discussions between the economic superpowers are expected to yield a memorandum of understanding ahead of a meeting between Trump and his Chinese counterpart Xi Jinping to finalise a pact. The upbeat mood in Asia follows a strong lead from Wall Street, while a bipartisan deal to avert another US government shutdown and the Federal Reserve’s recent dovish tone on interest rates have also provided support.

The positive news comes at a crucial time as China’s economy stutters and the global outlook looks less certain, with the US also showing signs of slowing.

“With a weakening US economy, the motivation for both sides to get something agreed in the short term is quite high as they still debate the more structural issues that lurk in the background,” Sunny Bangia, a global equities fund manager at Antipodes Partners, told Bloomberg TV.

Tokyo ended 1.8 per cent higher, while Hong Kong added 1.6 per cent and Shanghai surged 2.7 per cent after data showed a tripling of new Chinese loans, indicating moves to kickstart growth.

Sydney put on 0.4 per cent, Singapore and Taipei each gained one per cent, while Singapore was 0.9 per cent higher.

Manila and Jakarta piled on more than one per cent apiece, though Mumbai eased 0.5 percent.

In early trade, London dipped 0.1 per cent, Paris rose 0.2 per cent and Frankfurt was up 0.1 percent.

The prospect of an end to the near year-long US-China trade row has also provided a lift to regional currencies against the dollar with investors moving into higher-risk units. Dealers will be closely watching the release later in the week of minutes from the Fed’s latest policy meeting, hoping for a better idea of its rate plans.

Indonesia’s rupiah, the South Korean won and the Australian dollar were among the biggest gainers.

Oil extended last week’s sharp gains on signs that OPEC members and other major producers led by Russia are cutting output.

Both main contracts were higher yesterday, with Brent having surged 6.7 per cent last week and WTI soaring 5.4 per cent.

Positive signs from the US-China trade negotiations “gave oil a double boost as it also softened the US dollar as it reduced its appeal as a safe haven”, said Alfonso Esparza, senior market analyst at OANDA.

 

Comments

Poll
Today's Question »
State minister for power Nasrul Hamid yesterday said everyone to have access to electricity by June. Do you think the feat achievable by the timeframe?
 Yes
 No
 No Comment
Yes 48.8%
No 47.3%
No Comment 4.0%
Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
010203040506
07080910111213
14151617181920
21222324252627
28293031

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting