Asian stocks mostly higher after Trump tariff extension

Asian stocks led Asia higher on Monday after U.S. President Donald Trump confirmed he would delay a planned hike in tariffs on Chinese imports as talks between the two sides made “substantial progress”.

Asian Shares

  • MSCI’s broadest index of Asia-Pacific shares outside Japan  added 0.3 percent to the highest since October, and is up 10 percent for the year so far.
  • Chinese blue chips jumped 3.5 percent to territory last trod in mid-June.
  • Seoul’s Kospi lost 0.3 percent.
  • Shares in Taiwan were also 0.3 percent lower.
  • Japan’s Nikkei climbed 0.5 percent.
  • E-Mini futures for the S&P 500 edged up 0.2 percent.

Currency Market

In currencies, the trade news had already been largely priced in.

  • The dollar was holding steady at 96.473.
  • The euro was flat at $1.1340.
  • the dollar declined to 110.66 yen.
  • Sterling was idling at $1.3065

Prime Minister Theresa May put off a vote on her Brexit deal until as late as March 12 – just 17 days before Britain is due to leave the EU – setting up a showdown this week with lawmakers who accuse her of running out the clock.

Commodities

Oil prices were near their highest since mid-November, despite record output from the United States.

  • Spot gold edged up a touch to $1,331.00 per ounce.
  • U.S. crude was last down 21 cents at $57.05 a barrel.
  • Brent crude futures lost 31 cents to $66.81.

Source

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