The local bourse could take its cue from mixed Asian markets, where investors have reacted to weak Chinese manufacturing data
Traders work on the floor at the New York Stock Exchange. Picture: REUTERS/BRENDAN MCDERMID
US stocks closed at fresh record highs overnight after President Donald Trump and Chinese leader Xi Jinping agreed to a truce in their trade spat while at the G20 summit in Japan. Technology stocks led the gains after US firms were given permission to continue doing business with Huawei. “No-one seems to be under any illusion that the agreement between presidents Trump and Xi in Osaka greatly improves the prospect of a comprehensive trade deal being struck any time soon, but the mere fact that the two sides have agreed to restart talks in earnest has provided the pretext for the moves in equities and bond markets,” said“Yet rather than this being a greenlight for a resumption of US dollar weakness, the foreign exchange market has instead gone with the relative moves in bond...
Hong Kong’s Hang Seng index was 1.4% up on Tuesday after missing out on Monday’s rally due to a public holiday in the city. Japan’s Nikkei 225 was 0.2% up while the Shanghai Composite was flat and Korea’s Kospi lost 0.3%. Singapore’s main benchmark lost 0.5% while Australia’s gained 0.3%.
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