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Most Asian markets advanced on Monday as investors timidly opted for cheap stocks, highlighting a planned meeting between Donald Trump and Xi Jinping this weekend, which should be monitored by the signs of A slowing of the trade war between China and the United States.
Earnings were generated despite higher sales in energy companies after a further collapse in oil prices Friday, as the pound sterling was stable against the dollar after EU leaders approved a deal on the Brexit, but that the British deputies who are there for the most part must approve.
The positive mood comes at the start of a crucial week with the speech of Jerome Powell, director of the Federal Reserve, and the publication of the latest minutes of the bank meeting, before reaching at the G20 summit in Buenos Aires.
While the summit will focus on several global issues, the Trump-Xi meeting will attract the most attention among the economic superpowers engaged in a trade war as global growth begins to stutter.
But expectations for an agreement ending the stalemate are low.
"It seems that Presidents Xi and Trump have every interest in reaching an agreement on trade issues, even if this deal does not significantly change the status quo," said David Kelly, chief global strategist at JP Morgan Asset. Management.
"However, perceptions are important on both sides.Although some hope that an agreement in principle will be reached, it seems more likely that an agreement will have to wait for more postures on both sides." "
Stephen Innes, Asia-Pacific Trade Manager at OANDA, described the meeting as "probably the best and last opportunity for the two leaders to share a common ground".
"The big question is whether we are going to see Trump the" donor "or the" trade warrior "who wants China to" feel more pain "- keep in mind that betting against China has been a mediocre bet for traders this year. "
– Oil is making its way –
Nevertheless, the week started on an optimistic note with Hong Kong up 1.4% and Tokyo up 0.8%.
Singapore added 0.7%, Seoul, Taipei and Manila each jumped more than 1%, while Bangkok, Jakarta and Mumbai also advanced.
However, Shanghai, Wellington and Sydney have declined.
Oil prices rebounded, but fell again sharply after Friday's pounding, which pushed the WTI 7.7% and Brent down more than 6%, which places them at troughs never seen before. from one year.
The product plunged about one-third from its four-year high in early October due to several issues, including a global slowdown, online trading, rising supply, softer US sanctions than expected with respect to Iran, stuttering of China and strong dollar.
The retreat comes before the December 6 meeting of the Organization of Petroleum Exporting Countries.
"People are really responding to a double supply shock in inventory and rising as demand seems to be cooling down," said Tamar Essner, an analyst at Nasdaq in New York. "Oil is affected on both sides."
Crude oil price losses weighed on energy companies in the past two months and continued to fall on Monday.
PetroChina, a company listed in Hong Kong, lost 2%, while Sinopec lost 0.1%. Inpex lost 2.4% in Tokyo and Woodside Petroleum lost 2.3% in Sydney.
On the currency markets, the pound has barely budged against the dollar as British Prime Minister Theresa May faces a fierce battle to get her draft Brexit deal passed, pitting members of both sides.
May threw her political future on the deal, saying the rejection would leave Britain to square one, while its failure would likely result in the overthrow of the government, fueling new uncertainties and hitting the pound.
European leaders said the agreement was the best possible Britain could hope for, which means that a rejection of it will more than likely cause the country's fall from the bloc.
In Tokyo, Mitsubishi grew by more than 3%, with the company's executives meeting to fire Carlos Ghosn as chairman of the board for alleged financial misconduct. Nissan, which fired it last week, was up 1.8%.
– Key figures around 07:10 GMT –
Tokyo – Nikkei 225: 0.8% increase to 21,812.00 (closing)
Hong Kong – Hang Seng: 1.4% increase to 26,295.17
Shanghai – Composite: 0.1% decrease to 2,575.81 (closing)
Pound / dollar: up to $ 1.2815 vs. $ 1.2805 at 19.00 GMT Friday
Euro / dollar: HIGH to $ 1,1351 from $ 1,1333
Dollar / yen: up to 113.20 yen from 112.85 yen
Oil – West Texas Intermediate: up 83 cents to 51.25 dollars a barrel
Oil – Brent: up $ 1.43 to $ 60.23 a barrel
New York – Dow Jones: down 0.7% to 24,285.95 (closing)
London – FTSE 100: 0.1% decline to 6,952.86 (close)
– Bloomberg News contributed to this story –
