Asian stock markets rise due to US-China agreement, dollar strengthened



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Asian stock markets rise due to US-China agreement, dollar strengthened



Stock prices rose on the Asian exchanges on Tuesday and the Chinese yuan weakened as the US and China prepare to sign the first phase of a trade agreement.

The Asia-Pacific MSCI Index, excluding Japan's, was around 7.00 plus 0.2 percent.



At the Tokyo Stock Exchange, the Nikkei Index rose 0.7 percent, while stock prices in Singapore, South Korea and Australia rose between 0.1 and 0.8 percent. In Shanghai and Hong Kong, however, they fell slightly.

Asian investors were encouraged by yesterday's record high on the S&P 500 index on Wall Street, driven by optimism that hopes will slow the trend of slowing growth in the world's largest economies with improving US-China trade relations.

A Chinese delegation has arrived in Washington, DC, where the first phase of a trade agreement is expected to be signed on Wednesday.

Under this phase of the agreement, Washington will reduce or abolish a series of customs duties on imports of Chinese products, while Beijing will buy more US agricultural products and reduce duties on imports of a range of US products.

US President Donald Trump said recently that the government would soon begin negotiations with China on the second phase of the agreement, but that he could wait for that part of the agreement to be completed by the end of the November presidential election.

Yesterday, however, the US Treasury Department said China should no longer be considered a currency manipulator, with China allowing the yuan to rise to its highest level in more than five months.

The yuan rose 0.4 percent this morning to 6.8677 yuan to the dollar.

Markets are also positively affected by better-than-expected data from the Chinese economy, which revived the hope that growth in the world's second-largest economy could soon accelerate after a longer period of slowdown.

Last December, Chinese exports rose year-on-year for the first time in five months, up 7.6 percent.

Imports jumped even more, more than 16 percent, indicating stronger domestic demand, data released this morning showed.

The dollar strengthened

And in the currency markets, the dollar is stable against a basket of currencies.

Its index, which shows the value of the US against the other six major world currencies, is around 97.37 points this morning, while yesterday it was 97.36 points.

At the same time, the dollar against the Japanese currency rose from yesterday's 109.60 to 110.05 yen.

But the US currency weakened slightly against the European currency, so the price of the euro reached $ 1.1135, while yesterday at this time it was $ 1.1125.

Oil prices, on the other hand, are stable after falling yesterday. This morning the price of a barrel in the US market is around $ 58.10, while yesterday at this time it was $ 59.15.

In the London market, however, the barrel rose 0.14 percent to $ 64.30, offsetting a smaller portion of yesterday's loss.

Asian stock markets rise due to US-China agreement, dollar strengthened

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