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13 November, 2019 00:00 00 AM

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Asian markets mostly up as trade news awaited, Hong Kong rises

AFP, Hong Kong
Asian markets mostly up as trade news awaited, Hong Kong rises
This file photo shows pedestrians walk past a stocks display board in Hong Kong. AFP PHOTO

Asian markets broadly rose yesterday with investors keeping tabs on the latest developments in the China-US trade talks, while Hong Kong saw a slight recovery after the previous day's steep losses.

The pound held gains after British Prime Minister Boris Johnson was given a boost by news the Brexit party would not run against his Conservatives in hundreds of seats in next month's general election.

While there is a broad expectation China and the US will eventually reach a mini trade pact, the waters were muddied over the weekend after Donald Trump appeared to dismiss Beijing's claims they had agreed a plan to roll back tariffs as the talks progress.

The comments reminded dealers that the negotiations, while advancing, remained fragile, and that a wider deal will have some bumps along the way.

"Markets have been skittish," said Matt Forester, chief investment officer at BNY Mellon's Lockwood Advisors.

"We will need more concrete information about the structure and timing of any kind of final trade arrangement, but in the meantime we are operating on scraps of information."

Stephen Innes at AxiTrader said a speech by Trump at the New York Economic Club later in the day "could be the main event this week, especially if the president dangles any tangible details about his upcoming meeting with President Xi (Jinping)".

Hong Kong rose 0.5 per cent, but traders moved cautiously after stocks plunged more than two per cent Monday as the city was wracked by some of the worst violence seen during months of protests, with one person shot and another set on fire.

The city remains on edge -- with sporadic protests taking place on yesterday -- while the US expressed "grave concern" over the situation in Hong Kong and called for restraint by security forces and protesters.

"It is still very unclear what can de-escalate the situation," said National Australia Bank's Tapas Strickland.

"Nevertheless, for as long as Beijing gives Hong Kong latitude to deal with the protests, it is likely the unrest will only have an isolated impact on financial markets."

OANDA senior market analyst Jeffrey Halley said concerns about Chinese intervention would increase, "potentially putting another nail into a Hong Kong economy that is now deep in recession".

Shanghai climbed 0.2 per cent, Tokyo, Seoul and Taipei each ended 0.8 per cent higher, Singapore added 0.6 per cent, and Jakarta put on 0.1 per cent. Sydney fell 0.3 per cent.

Markets welcomed

news that Nigel Farage, a leading force behind Britain's 2016 referendum to leave the European Union, would not stand his Brexit party

candidates in 317 seats

held by Johnson's Conservatives during the December 12 poll.

"The Brexit party would contest Labour-held seats...

The market took that as a sign of reducing the chances of a hung parliament or the probability of a (Jeremy) Corbyn-led Labour minority government," Strickland added.

The pound rallied against the dollar and euro Monday and held its own in Asia, with support also coming from data showing Britain's economy had avoided dropping into recession in the third quarter.

In early trade London and Paris each rose 0.2 per cent, while Frankfurt added 0.3 per cent.

 

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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.

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