Asian markets opened higher but there is no clear follow through buying so far. Investors are cautiously assessing the overall developments. Nothing is done until everything is done. Even if, unlike last time, China puts all agreed into texts, it just means no more tariffs escalations at best. Much more are needed to be done to revert the world into pre-trade war era. Similarly, more work is needed for both UK and EU to finally complete a Brexit deal that resolves the Irish border deadlock. In the currency markets, Yen is the strongest one today so far, paring some of last week's losses. Swiss Franc and Dollar follow on the same reason. On the other hand, Sterling is trading broadly lower, digesting some of last week's strong gains It's followed by New Zealand and than Australian Dollar. The two are somewhat weighed down by poor China trade data which showed sharp contractions in both imports and exports. In Asia, Japan was on holiday Hong Kong HSI is up 0.89%. China Shanghai SSE is up 1.08%. Singapore Strait Times is up 0.44%. US and Canada will be on holiday today too. |
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