Asian stocks surge in bets on 'phase one' trade deal

Monday, 14. October 2019 04:27

Investors embraced the risk-on cue on Monday from Wall Street upon United States President Donald Trump's announcement that a bilateral agreement "in principle" was reached with China. However, he has said it was only "phase one" and that nothing will be signed for weeks at least.

Furthermore, gold and silver pared early gains as Chinese officials and media failed to mirror Trump's excitement about the mostly agricultural arrangement. In other news, both sides of the most populous nation's trade balance disappointed in the report for September in yuan terms. Exports fell 0.7% year over year after a 2.6% jump in the previous month. The import rate landed at 6.2% under zero, down by 3.6 percentage points.

The stock exchange in Japan was closed for holiday. The dollar slipped 0.14% to ¥108.2925 at 4:25 am CET. The Shanghai Composite climbed 1.52% and the Shenzhen Composite gained 1.5%. The Hang Seng was 0.98% in the green. The Australian S&P/ASX 200 advanced 0.64%. Gold was 0.1% down at $1,486.26 per ounce.

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