SINGAPORE - Asian share markets rose on Tuesday and safe-haven assets slid as signs of goodwill between China and the United States supported optimism for global growth, with the world’s two biggest economies preparing to formalize a trade-war truce.
China’s offshore yuan extended strong gains to the dollar on Tuesday morning to a 5-1/2-month high, supported by rising optimism towards Sino-U.S. trade developments.The moves come as a high-level Chinese delegation arrived in Washington ahead of Wednesday’s signing of the Phase 1 trade agreement, a step toward de-escalating a prolonged dispute that has hurt the world economy.
“The market appears to be fully pricing a signed agreement,” said CMC Markets’ chief strategist in Sydney, Michael McCarthy. United States Trade Representative Robert Lighthizer told Fox Business late on Monday that the Chinese translation of the deal’s text was almost done.Overnight Wall Street made new record closing highs, driven by sharp rises in tech stocks as investors bet firms such as Facebook Inc, Microsoft and Apple Inc might have the most to gain from a growing global economy. [.N]
Oil prices nursed losses and yields on benchmark U.S. Treasuries rose as prices fell. U.S. crude sat at $58.14 a barrel. Ten-year Treasury note yields rose to 1.8546% compared with its U.S. close of 1.848%. [O/R]
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