Mon, June 05, 2023

Stocks, “Phase One” Agreement and Trade

Stocks and various factors

In less than 48 hours, the U.S. and China plan to sign the “Phase One” trade deal. This partial agreement is going to affect stocks as prolonged trade dispute created too many problems for the financial markets.

U.S. President Donald Trump will sign the long-awaited “Phase-One” trade deal with high-ranking Chinese officials.

China will purchase U.S. agricultural goods. Additionally, it must change the intellectual property and technology rules as part of the agreement.

Stocks in AsiaPhase One agreement

Stock in Asia had a positive day as most of the stock indexes increased on Monday. This happened ahead of the crucial moment that should help to reassure the investors.

In China, the Shanghai Composite gained 0.75% to close at 3,115.57. At the same time, the Shenzhen composite rose by 1.36% to 1,822.35. The Shenzhen component increased by 1.47% to 11,040.20.

Hopefully, the Hang Seng index also recovered as its index added 1.11% in the final hour of trading. Tech stocks achieved considerable gains. For instance, the shares of Sunny Optical jumped 2.61% while Lenovo’s shares rose 3,20%.

Razor also strengthened its position as shares added 8.33% by the end of the trading day. At the beginning of the month, Razor announced that it applied for a digital banking license in Singapore.

South Korea’s Kospi index gained 1.04% to close at 2,229.26. It is important to note that markets were closed in Japan as it was a holiday.

In the Asia Pacific region, Australia’s S&P/ASX 200 failed to follow the footsteps of other stock indexes. The S&P/ASX 200 fell 0.37% to close at 6,903.70. Oil stocks experienced losses.

Nevertheless, gold stocks retraced some of the losses. Evolution Mining rose 2,79% while Kingsgate Consolidated gained 1.14%.

In Taiwan, the Taiex index added 0.74% to close at 12,113.42.

This agreement is important for both sides. Moreover, Trump already thinks about the next phase that will follow the “Phase One” trade deal.


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