Asian Markets Bounce Back From Trump Plunge 07 May 2019
Fahad Shabbir (@FahadShabbir) Published May 07, 2019 | 12:49 PM
Asian markets mostly rose Tuesday, paring some of the previous day's painful losses as investors welcomed news China's top trade negotiator will lead a delegation to Washington this week despite Donald Trump's threat to hike tariffs
Hong Kong, (UrduPoint / Pakistan Point News - 7th May, 2019 ) :Asian markets mostly rose Tuesday, paring some of the previous day's painful losses as investors welcomed news China's top trade negotiator will lead a delegation to Washington this week despite Donald Trump's threat to hike tariffs.
Equities across the region were hammered Monday -- led by Shanghai's worst losses in three years -- after the president's warning fuelled by frustration at slow progress in the talks.
Trump's remarks shocked markets, coming just days after officials on both sides had sounded positive on the talks, with markets broadly expecting an agreement to be announced soon.
While some observers pointed out that such high-stakes moves are characteristic of Trump's negotiating style and that they expect a deal to be agreed anyway, OANDA senior market analyst Jeffrey Halley remained cautious.
"Say what you want about the US president... but predictability and subtlety were never part of his election pledges," he said in a note. "China has most certainly found this out the hard way and likely explains why they are still sending their full delegation to this week's round of trade talks.
"I take much greater comfort in China's pragmatism than the president's Twitter account, but the markets should take a leaf from China's playbook and not assume the president was merely bluffing." Asian markets started Tuesday on a healthy note as investors took their lead from Wall Street but the rally began to flag in the early afternoon before China confirmed that Vice Premier Liu He will be part of the talks team this week.
While Beijing had said they would send representatives there were concerns Xi Jinping's point man might not attend.
Shanghai surged out of negative territory to end 0.7 percent higher, having tanked more than five percent Monday.
Hong Kong also reversed course to sit 0.4 percent up in late trade.
Elsewhere Sydney added 0.2 percent, Singapore gained 0.9 percent and Taipei put on 0.8 percent, with Wellington, Manila and Mumbai also well up.
Related Topics
Recent Stories
UHS declares MBBS first prof, MS urology exam results
Separate coaches to be hired for ODIs, Test and T20I formats
Finance Minister calls for reforming tax system to improve country's economy
PM calls for joint efforts to check smuggling, power theft
Infinix Unveils a Vibrant New Chapter with Wahaj Ali: The face of Infinix NOTE 4 ..
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
More Stories From Business
-
Prudent policies lead to sustainable economic recovery: Finance Ministry
17 minutes ago -
Exchange rates for currency notes
1 hour ago -
PTC rebuts misleading tax loss figures, seeks fair market competition
2 hours ago -
Economy commences on better note in 2024: Finance Minister
2 hours ago -
Gold rates up by Rs.3,800 to Rs.234,800 per tola
2 hours ago -
SACM directs authorities to find out solution to problems of miners, crush plants
3 hours ago
-
Weekly inflation falls slightly
3 hours ago -
Uzbekistan's Ambassador, Pakistan’s Commerce minister forge path for enhanced economic ties
3 hours ago -
Finance Minister calls for reforming tax system to improve country's economy
3 hours ago -
Economy commences on better note in 2024: Finance Minister
3 hours ago -
BIST 100 up at Friday’s open
4 hours ago -
Biden administration approves $60M to rebuild Baltimore bridge
5 hours ago