AFP, Hong Kong :
Asian markets mostly rose Thursday, with Hong Kong and Shanghai rallying on hopes for an easing of the China-US trade war, while energy firms also enjoyed a much-needed bounce as oil prices stabilised.
The pound also held up after British Prime Minister Theresa May narrowly won support for her Brexit deal from cabinet members, though Apple suppliers faced renewed selling.
Fears about the trade war, rising Federal Reserve interest rates, tensions within the European Union and slowing growth in most economies have forced stocks south for the past few months.
But after another battering for much of this week – this time from the oil sector – traders were given some hope by reports that China had submitted a series of trade concessions to the Trump administration.
Bloomberg said officials had suggested the measures as they try to reach a deal ahead of a G20 summit this month, where Donald Trump is expected meet Chinese President Xi Jinping.
The report said the offers were short of the major reforms being sought by the White House but cited an unnamed source as saying talks were ongoing and constructive.
Earlier this week, Trump’s top economic adviser Larry Kudlow said both sides were “having communications at all levels” on trade.
However, with both sides digging their heels in, expectations for a breakthrough are low.
“On the surface (the latest report is) a positive sign,” said Stephen Innes, head of Asia-Pacific trade at OANDA.
“However, in this instance I suspect equity traders will be more focused on the… ‘long road that lies ahead’ as we can only assume it will be filled with numerous potholes. As such we could expect risk sentiment to continue shading to the dark side of the equation.”
Asian markets mostly rose Thursday, with Hong Kong and Shanghai rallying on hopes for an easing of the China-US trade war, while energy firms also enjoyed a much-needed bounce as oil prices stabilised.
The pound also held up after British Prime Minister Theresa May narrowly won support for her Brexit deal from cabinet members, though Apple suppliers faced renewed selling.
Fears about the trade war, rising Federal Reserve interest rates, tensions within the European Union and slowing growth in most economies have forced stocks south for the past few months.
But after another battering for much of this week – this time from the oil sector – traders were given some hope by reports that China had submitted a series of trade concessions to the Trump administration.
Bloomberg said officials had suggested the measures as they try to reach a deal ahead of a G20 summit this month, where Donald Trump is expected meet Chinese President Xi Jinping.
The report said the offers were short of the major reforms being sought by the White House but cited an unnamed source as saying talks were ongoing and constructive.
Earlier this week, Trump’s top economic adviser Larry Kudlow said both sides were “having communications at all levels” on trade.
However, with both sides digging their heels in, expectations for a breakthrough are low.
“On the surface (the latest report is) a positive sign,” said Stephen Innes, head of Asia-Pacific trade at OANDA.
“However, in this instance I suspect equity traders will be more focused on the… ‘long road that lies ahead’ as we can only assume it will be filled with numerous potholes. As such we could expect risk sentiment to continue shading to the dark side of the equation.”
