Asian Stocks Mixed As US/China Trade Hopes Linger, Dollar Down
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Asian Stocks Talking Points:
- Stocks were broadly higher on Monday afternoon
- Investors were cheered by a report that Trump and Xi might meet
- The Dollar took an initial hit but steadied
The DailyFX Third-Quarter Fundamental and Technical Forecasts are out now
Asian shares mostly rose on Monday, tracking Wall Street’s gains at the end of last week. Trade concerns were once again front and center for investors following a Wall Street Journal report Friday. This raised hopes that Donald Trump will meet Chinese leader Xi Jinping in November.
A nine-member delegation from Beijing will hold preliminary meetings with their US counterparts in late August, the report said, citing officials from both countries.
Trade hopes managed to top last week’s news of an unexpected slip for US consumer confidence.
The Nikkei 225 slipped 0.3%, with all other regional bourses in the green as their closes approached, albeit not by much.
The US Dollar initially weakened a little against major trade rivals as a revival in risk appetite gave it a knock, but it drifted back up once more against the likes of the Japanese Yen as the session went on.
The Australian Dollar found some support on its AUD/USD hourly chart, which put the bulls back in the driving seat. However, the sharp falls seen on August 9 and 10 still bar the way higher.
Crude oil prices were lower thanks to ongoing worries about global economic growth, while gold prices were steady as investors weighed up trade prospects.
It’s a very quiet day for economic data with German producer prices and the German Bundesbank’s monthly report coming up. Neither is likely to draw the market crowds.
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--- Written by David Cottle, DailyFX Research
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