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Bulls blamed his vengeance after US President Donald Trump announced the odds of an agreement with Beijing that could potentially mitigate the trade war between the two countries.
Hong Kong grew by 4.21%, allowing other countries in North and Southeast Asia to rise. The Straits Times Index continued its recovery after reaching 2,966.45 points on October 30, the lowest level in 22 months.
Even the Chinese yuan has moved away from the US $ 7 threshold, which was last recorded during the 2008 global financial crisis. The yuan strengthened to 6.8823 against the greenback. yesterday, after reaching its lowest level in 10 years, at 6.9725. Wednesday.
President Trump hinted at the prospects of a trade deal after a "long and very good" phone conversation with Chinese President Xi Jinping, and said on Twitter that their talks were "going well."
This announcement was followed by the announcement that Trump had asked US Cabinet members to draft a possible trade deal with China ahead of the Group of 20 (G-20) summit to be held later this month. in Argentina.
Some analysts see it as a Trump administration ploy to boost market sentiment ahead of mid-term US elections on Tuesday.
Remisier Chung Chun He thinks the rebound "could last after mid-term, but the sentiment remains cautious as long as the trade war issue remains unresolved."
Mr. Jameel Ahmad, Global Head of Monetary Strategy and Market Research at FXTM, said that a potential breakthrough would be "good news for investors and financial markets globally because the Threat of a trade war is considered the greatest risk to the world's "global economy since the global financial crisis".
Traders are repositioning themselves for a possible stronger rally than expected before the G20 summit, said Andrew Chow, head of research at UOB Kay Hian.
"The news of Trump is changing the game today for traders, but it could reverse depending on how the midterm elections are going to take place," he added.
The bargain hunters took banks, prime real estate stocks and even component suppliers from the American giant Apple technology. Hi-P International, which manufactures phone shells for Apple, jumped 12.6 percent, or 9.5 cents to 85 cents.
Meanwhile, traders are waiting for the results of the mid-term elections, which will likely take place Wednesday at noon to Asia.
"All the seats in the House of Representatives will be put to the competition, which announces a possible change of control.In what could be considered a frustrated outcome – the democrats' abandonment of the House in the American bipartisan system – Pan Jingyi, an analyst at IG, expects a greater legislative stalemate.
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