Asian stocks nudged higher and the yen weakened as investors took heart from a first round of trade negotiations between the US and Japan.
Japanese shares gained slightly after President Donald Trump said there was “big progress” in talks to strike a deal for Japan to avoid higher levies. The yen weakened after the country’s chief trade negotiator said currencies weren’t discussed, allaying concerns a stronger exchange rate would be part of the US demands. Gold hit a record in demand for safe havens while Treasury yields and a gauge of the dollar inched up.
Equity-index futures for the US gained while contracts for Europe retreated. After financial markets were roiled following the announcement of broad US levies earlier this month, global investors have turned their attention to how the country-specific negotiations progress before taking large positions. One big uncertainty is the fate of discussions with China after Beijing indicated Wednesday it wants to see a number of steps from Trump’s administration before it will agree to trade talks. A two-day consolidation in stocks ended Wednesday after the US ratcheted up trade tensions by putting restrictions on some chip exports by Nvidia Corp. Stocks also declined after Federal Reserve Chair Jerome Powell signaled a wait-and-see approach to tariffs. He pushed back on hopes the central bank would act quickly to soothe investor fears. Treasuries, however, rallied for a third day on Wednesday as investors refocus on the asset as a hedge against risk. Last week, the debt had sold off amid speculation that hedge funds were unwinding positions. Meanwhile, the US and Japan kicked off tariff negotiations with an aim to reach a deal as soon as possible, Japan’s top negotiator Ryosei Akazawa said. Preparations are underway for the second round of talks to take place later this month, he said. Countries are racing to negotiate deals with the US to avert high import taxes Trump imposed — and then quickly paused — on about 60 trading partners. That move put a 24% across-the-board tariff on Japanese imports on hold, though a 10% baseline charge still applies — as well as 25% levies on cars, steel and aluminum. The progress in discussions with Japan, “while preliminary, offer a small positive signal for markets,” said Rajeev De Mello, a global macro portfolio manager at Gama Asset Management. “The trajectory of US-Japan trade talks will continue to be closely monitored, not just for their bilateral implications, but also as a potential framework for how the US may approach trade relationships with other allies.” The Trump administration is preparing to pressure nations to curb trade with China in negotiations over US tariffs, according to people familiar with the matter. Chinese President Xi Jinping promoted the idea of an “Asian family” and called for regional unity during a tour of Southeast Asia, in an apparent effort to counter US pressure on nations to limit trade ties with Beijing. US investors could be forced to offload around $800 billion of Chinese equities “in an extreme scenario” of financial decoupling between the world’s two largest economies, Goldman Sachs Group Inc. estimated. In a sign that central banks in the region are waiting to see how the impact of tariffs pan out, the Bank of Korea held its benchmark interest rate steady to foster stability. Later Thursday, the European Central Bank is set to cut interest rates. In commodities, oil rose for a second day after the US vowed to reduce Iran’s energy exports to zero. US After Hours REXR +2.9%, LBRT +2.3%, FNB +2.2% higher on earnings; QXO -5.3% lower on stock offering.
Nikkei +1.29% Hang Seng +1.34% CSI -0.19% Shanghai +0.01% Shenzen +0.41%
Eur$ 1.1362 CNH 7.3086 CNY 7.3078 JPY 142.56 GBP 1.3216 CHF 0.8169 RUB 82.9072 TRY 38.1580 WTI$ 63.33 +1.38% Gold 3,339 -0.15% BTC 84,291 -0.02% ETH 1,596 +1.41%
S&P +0.90% Nasdaq +0.97% EuroStoxx -0.25% FTSE -0.35% Dax +0.04% SMI +0.17%
Macro :
- China Pivots From US to Canada for More Oil as Trade War Worsens
- S&P Downgrades Quebec for First Time Since 1990s After Budget
- Novogratz’s Galaxy Ventures Fund Said to Top Fundraising Goal
- US Net Long-Term Portfolio Securities Inflows $112b in Feb.
- China Faces 145% US Base Tariff, But for Some Goods It’s 245%
- Japanese Funds Bought Most Treasuries in Two Years in February
Keep an eye on :
Keep an eye on :
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- BMY US :
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