Tuesday, November 12, 2019 | ePaper

Asia shares mostly higher China-US trade deal fades

  • Print
UNB, Bangkok :
Shares were mostly higher in Asia on Tuesday after a wobbly day of trading on Wall Street.
Japan's Nikkei 225 index jumped 1.9% to 22,207.21 as Tokyo reopened from a public holiday and investors caught up on the news of a preliminary trade deal between China and the U.S. struck Friday in Washington.
But optimism over the agreement appeared to be fading and markets in Hong Kong and Shanghai fell back.
The Shanghai Composite index lost 0.6% to 2,991.05 while the Hang Seng in Hong Kong edged 0.1% lower to 26,498.32. South Korea's Kospi gained less than 0.1% to 2,068.17 and the S&P ASX 200 added 0.1% to 6,652.00.
Shares rose in Taiwan and most of Southeast Asia but fell in Singapore.
Wall Street ended a choppy day of trading on Monday with modest losses. Losses for consumer goods makers, utilities and technology stocks helped outweigh gains in banks and real estate companies. A 2% drop in crude oil prices also hurt energy stocks.
Stocks had rallied Friday as investors welcomed the signs of progress in the latest round of trade negotiations between the U.S. and China, but some of that enthusiasm already had faded by Monday morning.
Washington and Beijing agreed to a truce Friday, with the U.S. agreeing to suspend a planned hike in tariffs on $250 billion of Chinese goods that had been set to kick in Tuesday. Beijing, meanwhile, agreed to buy $40 billion to $50 billion in U.S. farm products.
"That said, the abovementioned items are no doubt the lower hanging fruits in attempting a deal between the two sides. Few are likely ruling out the possibility that there could be more twists and turns in this matter of U.S.-China trade conflict," Jingyi Pan of IG said in a commentary.
The U.S. did not, however, cancel plans for more tariffs in December and the sticking points of intellectual property and trade secrets still hang over the dispute. And the overall picture hasn't changed for companies, which are still holding off on forecasts and investments because of the uncertain trade situation.
"We kind of peeled back the layers and said, 'Hey, was this really a significant trade deal, or was it just a little bit of window dressing to make everybody feel like there was actually a trade deal?'" said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. "The market is digesting that."
The S&P 500 index slipped 0.1% to 2,966.15. The Dow Jones Industrial Average dropped 0.1%, to 26,787.36. The Nasdaq gave up 0.1% to 8,048.65.
Small-company stocks did worse than the rest of the market. The Russell 2000 index lost 0.4% to 1,505.43.
Bond markets and the U.S. government were closed for the Columbus Day holiday.
The modest pullback followed last week's market rally, when the S&P 500 and the Dow had their first gains in four weeks.
Benchmark crude oil fell 44 cents to $53.15 per barrel in electronic trading on the New York Mercantile Exchange. It lost $1.11 to settle at $53.59 a barrel on Monday. Brent crude oil, the international standard, lost 38 cents to $58.97 per barrel. It dropped $1.16 to close at $59.35 a barrel in London.
The dollar fell to 108.37 Japanese yen from 108.40 yen on Monday. The euro fell to $1.1023 from $1.1027.

More News For this Category

A. Rouf Chowdhury, Chairman of Bank Asia Limited and ERA-InfoTech Limited, celebrating its 17th anniversary by cutting a cake at its office in the city recently. Mihir Kanti Majumdar, Chairman, Palli Sanchay Bank, Syed Almas Kabir, President of Bangladesh Software and Information Services Association (BASIS), Md. Arfan Ali, Managing Director of Bank Asia Limited and other high officials from different sectors were also present.

A. Rouf Chowdhury, Chairman of Bank Asia Limited and ERA-InfoTech Limited, celebrating its 17th anniversary by cutting a cake at its office in the city recently. Mihir Kanti Majumdar, Chairman, Palli Sanchay Bank, Syed Almas Kabir, President of Bangladesh Software and Information Services Association (BASIS), Md. Arfan Ali, Managing Director of Bank Asia Limited and other high officials from different sectors were also present.

.

Int'l fire safety expo begins Feb 15

BSS, Dhaka :The country's biggest International Fire Safety and Security Expo-2020 will begin in the capital on February 15, with organizers hoping to attract more than 10 thousand visitors

Hilsa full of eggs flood Chandpur, Khulna markets

Hilsa full of eggs flood Chandpur, Khulna markets

UNB, Dhaka :About 90 percent Hilsa available in Khulna and Chandpur markets after a 22-day fishing embargo are full of eggs, triggering fears of poor production in the next

Walton expects huge sales its ceiling fans

Economic Reporter :Walton Plaza, one of the sales networks of Walton Group, in a single day has received sales order for 4 lakh unit electric fan from its dealers

BD to import onions from Pakistan

The News, Karachi :Pakistan has received the first onion export order of more than 300 tonnes of onion from Bangladesh after nearly 15 years of recess following an Indian

Md. Mahbub ul Alam, Managing Director of Islami Bank Bangladesh Limited, speaking at a reception to those who obtained Golden GPA-5 in SSC, HSC and equivalent examinations in 2019 for the employees' children organized by the Officer Welfare Association of the bank's at its head office in the city recently. Mohammed Monirul Moula, Muhammad Qaisar Ali, AMDs, Abu Reza Md. Yeahia, Md. Abdul Jabbar, DMDs of the bank, AKM Mahbub Morshed, President and ASM Rezaul Karim, General Secretary of the association were also present.

Md. Mahbub ul Alam, Managing Director of Islami Bank Bangladesh Limited, speaking at a reception to those who obtained Golden GPA-5 in SSC, HSC and equivalent examinations in 2019 for the employees' children organized by the Officer Welfare Association of the bank's at its head office in the city recently. Mohammed Monirul Moula, Muhammad Qaisar Ali, AMDs, Abu Reza Md. Yeahia, Md. Abdul Jabbar, DMDs of the bank, AKM Mahbub Morshed, President and ASM Rezaul Karim, General Secretary of the association were also present.

.

NRB Bank's Chairman honoured with CIP status

NRB Bank's Chairman honoured with CIP status

Business Desk :Mohammed Mahtabur Rahman, Chairman of NRB Bank Ltd and Chairman and Managing Director of Al Haramain Perfumes Group of Companies of UAE has been honoured as 'Commercially

Dr. Anwar Hossain Khan, MP of Laxmipur-1 constituency, inaugurating the 76th branch of South Bangla Agriculture & Commerce (SBAC) Bank Limited at Ramganj in Lakshmipur on Monday as chief guest. Md. Golam Faruque, CEO of the bank and local elites were also present.

Dr. Anwar Hossain Khan, MP of Laxmipur-1 constituency, inaugurating the 76th branch of South Bangla Agriculture & Commerce (SBAC) Bank Limited at Ramganj in Lakshmipur on Monday as chief guest. Md. Golam Faruque, CEO of the bank and local elites were also present.

.

Khulna zone collects Tk 2,400cr income tax in 2018 -19 FY

BSS, Khulna :The Income Tax zone of Khulna has collected Tk 2,400 crore in the last 2018-19 fiscal year up by Taka 582cr than previous fiscal year.Khulna zone had

BD to get financially benefited from LPG export : Nasrul

Economic Reporter :Bangladesh would be financially benefited by exporting Liquefied Petroleum Gas (LPG) commercially to abroad as the country now producing nearly 7.2 lakh tones jointly in the public