Asian markets resume uptrend as pound rallies ahead of vote

January 15, 2018: Asian markets on Tuesday rebounded from the previous day's sharp losses but investors remain wary of any further sign of weakness in the global economy while the pound extended gains ahead of a crunch Brexit vote later in the day.

China's disappointing trade data on Monday sent shivers through trading floors as it showed the long-running US tariffs row is beginning to bite.

But dealers got back on the horse, resuming last week's rally that was fuelled by optimism that Beijing and Washington will eventually resolve their differences and the Federal Reserve will pause in raising interest rates.

Tuesday's gains were helped by a bump in financials after Wall Street giant Citibank said it provided a positive outlook for its trading environment ahead of the corporate earnings season, while energy firms were supported by rising oil prices.

Hong Kong climbed 1.5 percent, Shanghai added 0.1 percent and Tokyo gained 0.9 percent by the break while Seoul and Singapore were each more than one percent higher. Sydney, Wellington, Taipei and Jakarta were also well up.

Still, uncertainty is keeping traders' feet on the ground, with the US shutdown, which is now in its fourth week beginning to fuel concerns and showing no sign of ending soon.

(APP)

Posted on: 2019-01-15T09:35:00+05:00

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