Asian Stock Rebounds Following China-US Trade Truce

Asian markets mostly down as China-US trade deal joy fades

"Market sentiment is still positive due to the atmosphere of the trade war negotiations, but at least for the coming three months the market will still fluctuate over uncertainty on whether the negotiations will go smoothly or not", said Gordon Tsui, managing director of Hantec Pacific. Regarding its effects on the market, futures contracts on the S&P 500 Index rose by as much as 1.9 percent within the first minutes of trading and have stayed relatively the same over the course of the trading day.

Meanwhile, the US yield curve focused investors' minds.

The Hang Seng Index ended up 0.29 per cent, or 78.40 points, to 27,260.44, while the Hang Seng China Enterprises Index gained 0.23 per cent, or 25.38 points, to 10,907.54.

European equity markets soared, then settled for cruising altitude on Monday (Dec 3) after China and the United States clinched a trade war truce, while oil prices surged on production cut expectations.

But even before the trading day ended, major US indexes pulled back from intraday highs as investors pondered unresolved issues between the two countries. The main question that investors now need answers for is how long can this trade truce rally really last, and is it also possible for further progress in trade talks between the United States and China from this trade truce?

The onshore yuan, which trades on China's domestic markets, has rallied 1.8% this week, making for its largest two-day gain since July 2005 - when China tossed away its currency peg and replaced it with a more flexible foreign-exchange regime.

Already, there was confusion over when the 90-day period would start.

A White House official had said it started on December 1, while earlier, White House economic adviser Larry Kudlow told reporters it would start on January 1.

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Dyche 'confused' with Liverpool boss Klopp's comments
Goals from James Milner , Roberto Firmino and Xherdan Shaqiri saw Liverpool come from behind to beat Burnley on Wednesday night. Liverpool kept up their unbeaten record and kept up the pressure on Manchester City by coming from behind to beat Burnley .

Yield curve inverts for first time in a decade
Of course, that's still "pretty doggone tight", said Randy Frederick, vice president of trading and derivatives at Charles Schwab. He's a finance professor at Duke, and the man who first demonstrated that the yield curve can act as a recession predictor.

US Treasury yields pulled back from Friday's over-two-month lows.

Analysts expect the two-year, 10-year yield curve - seen as a predictor of a US recession - to follow suit. The two-year yield touched 2.8251 per cent compared with a USA close of 2.833 per cent. This came after a major shareholder, Step Famous Investment which owns nearly 30 per cent of the company, made a cash offer to buy outstanding shares at 55 cents each, valuing Rivera at HK$1.43 billion. US crude oil futures settled at $52.95 per barrel, up 3.97 percent.

USA crude was 1.2 per cent higher at $53.58 per barrel, and Brent crude futures gained 1.1 per cent to $62.35 a barrel. Against the dollar, the pound fell to its lowest since October at US$1.2708, down almost 0.7 per cent from the day's highs.

Brent futures rose $1.62 to trade at $61.09 a barrel, while USA crude gained $1.52 to $52.45.

But the hearing is expected to be postponed to Thursday because major exchanges will be closed on Wednesday in honour of former U.S. President George H.W. Bush, who died on Saturday at the age of 94.

Speculation is high the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation would agree some form of production cut at a meeting in Vienna on Thursday.

On currency markets the pound is struggling to bounce back against the dollar with MPs preparing to debate Prime Minister Theresa May's Brexit deal as she struggles to win over enough people to support it. It ticked up $2.23 to $61.69 a barrel in London. Comments by Federal Reserve Chair Jerome Powell were interpreted by markets as hinting at a slower pace of rate increases.

Among the precious metals, spot gold rose as dollar weakened, trading up 0.5 percent at $1,237.24 per ounce.



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