Asian markets surge on Trump-Xi breakthrough, oil rallies

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MG News | July 01, 2019 at 09:18 AM GMT+05:00

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July 1, 2019: Asian markets surged Monday after Donald Trump and Xi Jinping agreed to restart trade talks, reviving hopes of an end to their tariffs war, while oil prices also rallied on news that Saudi Arabia and Russia will extend their output caps.

Trump's historic visit to North Korea, where he met leader Kim Jong Un, soothed geopolitical concerns and added to the upbeat mood on trading floors.

After a highly anticipated meeting on the sidelines of the G20 summit Saturday, the US president said negotiations to resolve the standoff between the world's two biggest economies were "back on track" and threatened new levies on Chinese goods would be held off.

Trump also signalled a softer position on Chinese telecom giant Huawei, a major bone of contention in the row, by saying US companies could sell equipment "where there's no great national security problem", White House economic advisor Larry Kudlow said Sunday.

While there had been a quiet sense of optimism the talks would end with an agreement to return to the negotiating table, the apparent concession on Huawei took some by surprise and provided some extra buying support.

The news was much-needed after Trump sparked volatility in early May with his shock decision to hit China with new tariffs and halt talks that had seemed to be nearing a positive end.

AFP/APP

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Name Price/Vol %Chg/NChg
KSE100 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

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