27 C
Manila
Wednesday, January 29, 2020
Home Business Foreign Business Trade hopes buoy investors, Asia markets

Trade hopes buoy investors, Asia markets

 

HONG KONG: Asian markets mostly rose on Tuesday following another record close on Wall Street as investors bet on China and the United States reaching a mini trade deal despite a report saying Beijing was concerned about the chances of an agreement.

Hong Kong extended Monday’s rally with another surge but continuing protests in parts of the city — particularly a violent standoff at a university — remained a source of worry.

Regional traders were given another strong lead from Wall Street, where all three main indexes ended at new records on hopes for a good holiday shopping season with the key Black Friday sales day coming next week.

World equities have broadly been on the rise in recent weeks on optimism that the world’s top two economies will eventually hammer out a mini trade deal as part of a wider agreement.

However, there have been bumps in the road and the latest came on Monday when the Consumer News and Business Channel (CNBC) reported that China was pessimistic about the chances of a pact, because Donald Trump is not in favor of rolling back tariffs.


Trump last week denied claims by Beijing that the two sides had put in place a plan to remove levies as the talks progress.

The report again highlighted the fragile nature of the negotiations.

“Investors have little option but to keep pace with the rapid shifts on the US-China phase-one deal, attempting to make sense of the many comments — official and from press
‘sources’ — on whether a rollback was now genuinely on the table,” said Stephen Innes at AxiTrader. “Ultimately they remain hostage to these developments.”

However, he said the broad gains on Tuesday meant “it looks like [investors] are starting to take trade headlines with a barrel of salt.”

In early trade, regional markets swung in and out of positive territory.

Shanghai jumped 0.9 percent, Sydney piled on 0.7 percent and Taipei rallied 0.5 percent, while Wellington and Manila were both up 0.2 percent. Jakarta and Mumbai also enjoyed gains.

But Tokyo ended 0.5 percent lower, Singapore lost 0.6 percent and Seoul shed 0.3 percent, while Bangkok was slightly lower.

China shuts down: The measures taken to curb a virus

BEIJING: China has enacted extraordinary measures to contain the spread of a new coronavirus that has killed more than 130 people, infected thousands and...

New military intelligence chief named

THE Armed Forces of the Philippines (AFP) has picked a new head for its intelligence unit. Brig. Gen. Greg Almerol succeeded Maj. Gen. Reuben Basiao...

1,242 examinees pass the Architect Licensure exams

The Professional Regulation Commission (PRC) announces that 1,242 out of 2,229 passed the Architect Licensure Examination (ALE) given by the Board of Architecture headed...

P600K marijuana, ecstasy seized in Taguig

OVER P600,000 worth of Kush or high grade marijuana and ecstasy was seized from three suspects in Taguig City early Wednesday. The suspects were identified as Reggie...

Police general ambushed in Bukidnon; 1 dead, 3 others wounded

ZAMBOANGA CITY: Communist insurgents ambushed a police convoy on Wednesday, leaving four casualties in the southern Philippine province of Bukidnon, officials said. Officials said the...

Today’s Front Page January 29, 2020

Today’s Front Page January 28, 2020