Tue, January 31, 2023

US-China Relations Improve Asian Market

Asian Market: US dollar banknotes face up to Chinese Yuan banknotes

After constant, long, inconsistent reports with US-China relations, Asian market rise again. US President Donald Trump is set to meet with the Chinese for an approach to a trade talk agreement. 

Traders are reportedly starting to look at the trade talks positively. The White House said results better than they expected. They say both countries are opting for a currency deal on Friday. 

Additionally, China expressed its openness to trade measures like buying US farm products. 

Dow Jones Futures slumped on Wednesday after a 52-week high. Critics claim the decline was because of the rocky US-China relations, including unresolved tech and trade issues.

When an NBA manager tweeted a pro-Hong Kong image, Chinese tech companies halted further businesses with the organization. President Trump then reacted with restricting visas for top government officials Trump believed were threats to mass surveillance.

Asian Market Rises with Optimism

Stephen Innes, an Asia-Pacific market strategist, claimed investors are starting to see “the light at the end of the trade-war tunnel.” Analysts are hopeful the Chinese negotiations with the US will further benefit the continent.

On Thursday’s session, Japan’s Nikkei rose 1%, Hong Kong’s Hang Seng Index climbed 1.3%. South Korea’s Kospi 200 gained 0.8%, while MKTPLCI upped 0.13%.

Indonesia also rose slightly by 1.03%, alongside Singapore nudge upward by 0.75.%

Meanwhile, the Shanghai Composite SHCOMP was almost flat with 0.8%. Its smaller-cap Shenzen Composite, on the other hand, lowered 0.67%. 

Taiwan’s Taiex remained closed on holiday.

Asian businesses, namely Uniqlo’s Fast Retailing, rose significantly. The famous clothing business surged in Tokyo after reporting record profit for the third straight fiscal year with a 2.766% increase. 

Other Asian Market jumps include property developer Sun Hung Kai Properties 16, +3.97%, and Honda, +2.24%. 

South Korean tech company Samsung Electronics rose by 1.85%. 

Mining companies BHP rose 2.14% while Rio Tinto RIO gained 2.33% in Australia.

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