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SHANGHAI-Asian shares recorded a well-ended performance on Monday over fresh news on Sino-U.S. trade agreement. However, investors remain cautious on lurking skepticism about the deal and diplomatic relations of China and the United States.
Though there are some necessary revisions, U.S. Trade Representative Robert Lightizer said that the pact was “totally done” and was expected to multiply U.S. exports until 2021.
Such brought in market enthusiasm and boosted MSCI’S broadest index of Asia-Pacific shares outside Japan to its peak of 0.27% since April 24.
Australia’s S&P/ASX 200 advanced with 1.24% gains as both Taiwan and South Korean shares clocked in 0.1% earnings. However, Chinese investors remained cautious completely dragging Shanghai composite index down with 0.16% loss following 1.8% earnings last Friday.
The minimal loss came despite positive records of industrial output growth and retail sales in November.
Japan’s benchmark Nikkei 225 also suffered from profit-taking, retreating with 0.14% from 2.55% upsurge.
Fresh developments on Sino-U.S. trade deal capped the implementation of U.S. tariffs on $160 billion worth of Chinese goods that was set to be imposed on Sunday. In line with this, the United States agreed to divide the tariff rate to 7.5% on $120 billion list of Chinese imports.
The deal positively impacted the market as investors waited for more concrete details, said senior economist at Commsec, Ryan Felsman. U.S. tariffs reduction may heavily disappointed investors eyeing for more aggressive move, he added.
The months-long trade truce between the world’s biggest economies has inflicted financial markets and intervened on world economic progress.
U.S. shares traded cautiously as investors expected more upbeat signals over trade pact. Meanwhile, S&P 500 hit a record closing peak of 3,168.8, acquiring 0.01% gains. The Nasdaq Composite index raked in 0.2% to 8,734.88 as Dow Jones Industrial Average inched up 0.01% to 28,135.38.
U.S. treasury gains edged up on Monday, indicating a more upbeat market mood. Benchmark 10-year treasury notes jumped to 1.84% with its previous closing of 1.821% on Friday. The two-year yield hit 1.6201% with previous session of 1.604%.
The dollar traded way firmer against the yen at 109.36 as the euro increased 0.07% at $1.1128. Sterling, with a well-concluded performance last week following UK poll that brought numerous Conservatives, acquired 0.21% to $1.3363.
The dollar index shed 0.07% at 97.108.
Oil prices which soared last Friday retreated in early Asian trade on Monday as Brent crude declined with 0.29% to $65.03 a barrel, and U.S. Wesat Texas Intermediate crude shed 0.33% at %59.87 per barrel.
Gold prices plummeted with 0.09% loss brought by weak precious metal trading at $1,474.19 per ounce.
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KYC Policy