Egypt posts record EGP629b primary surplus in 2024/25    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Asian stocks close higher as US-China trade talks resume this week
Published in Amwal Al Ghad on 30 - 03 - 2019

Asian stocks closed higher on Friday afternoon, as hopes rise on reported progress in trade negotiations between Washington and Beijing this week.
The Shanghai composite jumped 3.20 percent to close at 3,090.76 and Shenzhen component surged 3.77 percent to 9,906.86. The Shenzhen composite bounced 3.38 percent higher to finish at 1,695.13.
Meanwhile, Hong Kong's Hang Seng index was 0.94 percent higher by the afternoon.
Elsewhere in Asia, the Nikkei 225 in Japan rose 0.82 percent to close at 21,205.81 as shares of index heavyweight Softbank Group jumped 1.90 percent, while the Topix index added 0.56 percent to finish at 1,591.64.
The Japanese yen, widely viewed as a safe-haven currency, traded at 110.56 against the dollar after touching an earlier low of 110.92 — from highs below 110 earlier in the week.
In South Korea, the Kospi was 0.59 percent higher to close at 2,140.67, with shares of chipmaker SK Hynix paring earlier gains to finish 2.63 percent higher. Australia's ASX 200 edged up 0.07 percent.
Overnight on Wall Street, stocks rose. The Dow Jones Industrial Average gained 91.87 points to 25,717.46 and the S&P 500 added 0.4 percent to 2,815.44 — on track for its best first-quarter performance since 1998. The Nasdaq Composite rose 0.3 percent to 7,669.17.
The moves stateside came following a Reuters report that Chinese officials made unprecedented offers regarding forced technology transfers as well as other major sticking points, as U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin arrived in Beijing for further negotiations.
The trade standoff between the two economic powerhouses has been closely watched by investors, amid rising concerns of an economic slowdown as the bond market flashed signals that a recession could come soon.
“I think ultimately we will be rewarded with a deal of sorts which both sides will proclaim … as a fantastic victory,” Rob Carnell, chief economist and head of Asia-Pacific research at ING Bank, told CNBC's “Squawk Box” on Friday.
“The thing to bear in mind is this is a process,” Carnell said. “Whatever we get out of this, it's nice to say ‘right, okay we'll draw a line under this bit, now we have to look forward to all the other things that we haven't sorted out'.”
The 10-year Treasury rate hit its lowest level since December of 2017 on Thursday. This comes after the same bond fell below its three-month counterpart last week — a phenomenon described as a inverted yield curve, seen as an early indicator of a recession.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.129 after rising from lows below 97.0 yesterday.
The Australian dollar was at $0.7098 after weakening from the $0.71 handle in the previous session.
Oil prices gained in the afternoon of Asian trading hours, as the international benchmark Brent crude futures added 0.27 percent to $68.00 per barrel. U.S. crude futures also rose 0.42 percent to $59.56 per barrel.
Source: CNBC


Clic here to read the story from its source.