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You are here: Home / Money / Most Asian markets retreat as trade deal euphoria fades

Most Asian markets retreat as trade deal euphoria fades

November 5, 2018 by vir Leave a Comment

Investors are turning their attention to the upcoming US mid-term elections, which are being seen as a vote on Donald Trump two years after he took the White House. (Photo: AFP/Alex Wong) The US leader fuelled a surge in the region’s equities Friday by tweeting that he had held positive talks with Chinese President Xi Jinping, before a report said he had even asked officials to draw up a draft bill with an eye on a potential agreement. But White House adviser Larry Kudlow later tempered expectations, telling CNBC “there’s no massive movement to deal with trade”. The news sent US markets into the red, snapping a three-day rally on Wall Street, and sending Asian investors rushing for the door. “Investors are far too wary of an empty promise,” said Stephen Innes, head of Asia-Pacific trade at OANDA. “But ultimately, they will need to decide how much of President Trump’s olive branch to China was a ploy to boost equity markets ahead of the US mid-term elections on Tuesday and how much of it is a bona fide attempt to reach an agreement.” Hong Kong – which climbed more than four per cent Friday in its best day for almost seven years – sank more than two per cent, while Shanghai ended down 0.4 per cent. Dealers are keeping tabs on a massive import expo in Shanghai that Xi opened on Monday by telling delegates China would increase efforts to open up its economy. He said authorities would “step up”… [Read full story]




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