Reliance Trading Co. Limited – Global Markets Positive on China US Discussions

Asian stocks and U.S. equity futures climbed after China said it will be holding trade talks with American counterparts next month.
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WAN CHAI, Hong Kong - Sept. 4, 2019 - PRLog -- The yuan advanced and the dollar stabilized after dropping the most since June.

S&P 500 futures extended gains to around 1%, and the yen dipped with Treasuries. Shares in Japan outperformed, and also rose in Australia and South Korea. China announced that its trade negotiators will travel to Washington early next month for talks with U.S. counterparts, which investors interpreted as boosting the chances for a resolution to the tariff war after weeks of uncertainty and escalation.

Hong Kong stocks had more modest gains after yesterday's 4% surge, when the city's leader Carrie Lam formally withdrew controversial legislation that would have allowed extraditions to the mainland.

The rise in stocks has brought the S&P 500 Index back to within 3% of an all-time high as event risks seem to be receding, from a possible Chinese crackdown in Hong Kong to confrontations between the European Union and two of its biggest members.

Elsewhere, oil pushed above $56 a barrel after the news on trade. In the U.S., with Florida orange groves seemingly escaping major damage from Hurricane Dorian, concern now turns to soy, corn and cotton fields as well as livestock in Georgia and the Carolinas as the storm churns northward. Platinum futures surged above $1,000 an ounce.

These are the main moves in markets:

Japan's Topix index rose 2.1% as of 11:26 a.m. in Tokyo. The Shanghai Composite Index added 1.6%.Hong Kong's Hang Seng Index rose 0.5%.Australia's S&P/ASX 200 Index gained 1%.South Korea's Kospi index rose 1.2%.Futures on the S&P 500 Index added 1%. The underlying gauge rose 1.1% Wednesday.

Currencies

The yen fell 0.3% to 106.69 per dollar. The offshore yuan rose 0.2% to 7.1313 per dollar. The Bloomberg Dollar Spot Index steadied after sinking 0.6%, the biggest slide since June 20.The euro bought $1.1037.The British pound was at $1.2246.

Bonds

The yield on 10-year Treasuries rose five basis points to 1.52%.Australia's 10-year yield rose six basis points to 0.99%.

Commodities

West Texas Intermediate crude added 0.5% to $56.53 a barrel. Gold fell 0.5% to $1,544.19 an ounce.

About Reliance Trading Co. Limited

Experienced, local and independent, Reliance Trading Co. Limited has a deep knowledge of markets and what causes change; we have local roots in Hong Kong but maintain a global reach and worldview. Visit https://www.reliancetradingco.com to find out more.

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