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Abstract:Equity markets were mostly higher, with Shanghai in the lead, as the US shelved plans to increase tariffs on Chinese imports.
Asian Stocks Talking Points:
Markets posted broad gains even though not all could hang on to them
The US had abandoned plans to raise tariffs on Chinese imports, citing trade-talk progre
The ‘risk on’ mood prevailed in currencies too, with the Australian and New Zealand Dollars higher
Find out what retail foreign exchange investors make of your favorite currencys chances right now at the DailyFX Sentiment Page
Asia Pacific stock markets were broadly higher Monday, with the Shanghai Composite surging by more than 3%, as investors look with new hope to the chances of a trade settlement between the US and China.
Talks are ongoing but President Donald Trump Tweeted on Sunday that he had decided to postpone a planned tariff increase that had been penciled in for March 31, citing progress already made in negotiations. He also held out the possibility of a summit with his Chinese counterpart Xi Jinping if the two can get closer still.
This news gave stocks quite the fillip. Aside from Shanghai‘s solid gains, the Nikkei 225 added 0.5%, the ASX 200 0.3% and the Hang Seng 0.4%. Only Seoul’s Kospi failed to hold up, it was down by 0.03% as its close loomed.
In the foreign exchange space risk-sensitive currencies made initial gains on the trade news, with the New Zealand and Australian Dollars gaining at the expense of havens like the Japanese Yen. The Chinese Yuan made seven-month highs against the US Dollar which was overall steady against major traded rivals.
AUD/USD remains above 2018s dominant downtrend channel, with risk appetite holding it up despite a complete lack of obvious interest rate support.
Crude oil prices also made gains – a trade deal would probably mean more demand for oil after all. However they slipped back a little through the session. Gold prices inched up a little through the session.
It‘s a quiet Monday for economic data. Mexico’s growth numbers are coming up, as is news of US wholesale inventories.
Disclaimer:
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The Swiss Franc may find its footing here as price reverses off near-term trend resistance. These are targets and invalidations levels that matter on the USD/CHF charts.
The Australian Dollar is up more than 2.6% on the back of a five-day rally with price eyeing initial resistance. These are the levels that matter on the AUD/USD charts.
Equities were mostly lower, if not by very much. Australian interest rates remained at record lows. That was as expected, but retail sales disappointed as the current account surged ahead