Asia tries to see light in trade talks, Brexit votes
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Asia tries to see light in trade talks, Brexit votes

Global Economy

Reuters
22 October, 2019, 09:05 am
Last modified: 22 October, 2019, 09:08 am

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Asia tries to see light in trade talks, Brexit votes

The euro paused after its recent run higher

Reuters
22 October, 2019, 09:05 am
Last modified: 22 October, 2019, 09:08 am
Asia tries to see light in trade talks, Brexit votes

Asian share markets edged ahead on Tuesday amid cheery chatter about the chance of a Sino-US trade deal, while investors were sanguine yet another vote on Brexit would still avert a hard exit.

A holiday in Tokyo kept turnover light and MSCI's broadest index of Asia-Pacific shares outside Japan added a slight 0.13%.

Futures for Japan's Nikkei NKc1 were trading flat at 22,700, compared to Monday's index close at 22,548 .N225. South Korean stocks .KS11 rose 0.4%, while E-Mini futures for the S&P 500 ESc1 were little changed.

US President Donald Trump sounded upbeat on a China deal on Monday, while White House adviser Larry Kudlow said tariffs on Chinese goods scheduled for December could be withdrawn if talks go well.

Trade-sensitive technology stocks .SPLRCT rose 1.1%, pulling the S&P 500 .SPX up 0.69% and near to a record closing high. The Dow .DJI gained 0.21%, while the Nasdaq .IXIC rose 0.91%.

The better mood saw safe-haven bonds extend their recent pullback, with 10-year Treasury yields at a five-week peak of 1.80%.

In foreign exchange markets, the dollar found support against the yen at 108.60 JPY= while staying steady on a basket of currencies to 97.307 .DXY.

The euro paused after its recent run higher and was last trading quietly at $1.1151 EUR=.

Sterling held firm at $1.2972 GBP=D3 after Prime Minister Boris Johnson failed to get a vote on his Brexit deal and will try again on Tuesday to get the first stage of a withdrawal bill through Parliament.

"If the House of Commons vote in favour of the deal, GBP/USD could rally towards $1.3500 over the medium term.  The UK would then enter a transition period that lasts until 31 December 2020," said Kim Mundy, a currency strategist at CBA.

"If the Commons rejects the deal, GBP/USD will likely stabilise around $1.2800, because the risk of a hard Brexit will remain low," he added. "Early UK general elections would be the next most logical way forward."

In commodity markets, spot gold was idling at $1,483.70 per ounce XAU=.

Oil prices were near flat as the market fretted about the health of the global economy and the future for energy demand.

Brent crude futures inched up 7 cents to $59.03, while US crude added 9 cents to $53.40 a barrel.

World+Biz / Top News

Asian shares

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