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A man standing in front of an electronic board showing the Hong Kong stock index in front of a bank in Hong Kong on Friday, November 2, 2018. Asian stocks rose on Friday after a strong influx on Wall Street, helped by information on possible progress in resolving trade tensions between China and the United States (Kin Cheung / Associated Press)
BANGKOK – Stock markets are feared Friday after President Donald Trump and his Chinese counterpart, Xi Jinping, spoke by phone and reported on progress in resolving trade tensions. Investors expect employment figures in the US to be known later in the day.
KEEP RESULTS: The CAC 40 in France jumped 1.3% to 5,150 and the German DAX 1.5% to 11,637. The British FTSE 100 rose 0.7% to 7,168. The term futures signaled a good start on Wall Street: the futures contract on Dow rose 0.9% and the S & P 500 0.7%.
ASIA DAY: Hong Kong's Hang Seng Index gained 4.2% to 26,486.35 and the Shanghai Composite Index rose 2.7% to 2,676.48. Japan's Nikkei 225 climbed 2.6% to 22,243.66, while South Korea's Kospi rose 3.5% to 2,096.00. The S & P ASX / 200 in Australia erased its initial losses to 0.1% at 5,849.20. Equities also rose in Taiwan, India and Southeast Asia.
CHINA-US TRADE: US President Donald Trump tweeted that he had spoken to Chinese President Xi Jinping and that the two countries were making progress in trade negotiations. He did not give details, but there have been few signs of movement in the trade dispute in recent months, and investors are worried about the prospect of sharp increases in tariffs. A spokesman for the Chinese Foreign Ministry told reporters that the discussion was very positive and that both leaders were optimistic about resolving the technology dispute that led both parties to impose tariff penalties on billions of dollars in exports. At the same time, China's official media said Xi promised tax cuts and other aid to Chinese entrepreneurs as part of a renewed effort to revive the state-dominated cooling economy.
US EMPLOYMENT: Market dynamics are likely to depend on the US employment report, which is expected to show a net increase of 190,000 workers in the economy. That would equate to a monthly average increase of 208,000 this year and leave the Federal Reserve on track to continue raising interest rates. The question that remains open is whether the figures could influence the vote in the mid-term elections in the United States next week, while polls suggest that if many Americans approve the direction of the economy, that does not translate into greater support of Republican congressional candidates or Trump.
CURRENCIES: The dollar rose from 112.71 yen to 112.85 yen and 1.1450 dollar against 1.408 dollar for the euro. The pound sterling reached $ 1.3028 against $ 1,300 as hopes for progress in the Brexit negotiations were underway.
ENERGY: Oil prices continued to weaken after the Energy Department announced that US crude stocks had risen for the sixth consecutive week. The benchmark US crude slipped 3 cents to $ 63.66 a barrel in electronic trading on the New York Mercantile Exchange. It fell 2.5% to 63.69 dollars a barrel in New York. Brent, used for the price of oil in international markets, rose 25 cents to 73.14 dollars per barrel. He lost 2.9% Thursday to 72.89 dollars a barrel in London.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, disseminated, rewritten or redistributed.
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