Monday, 22 July, 2019

Asian stocks rise on Fed restraint, US-China trade hopes

Oil prices up with OPEC cuts US-China trade talks Oil prices up with OPEC cuts, US-China trade talks
Ginger Lawrence | 13 January, 2019, 21:14

China has pledged to purchase "a substantial amount" of agricultural, energy and manufactured goods and services from the United States, the U.S. Trade Representative's office said on Wednesday.

Delegations from China and the USA ended talks in Beijing on Wednesday amid signs of progress on issues including purchases of us farm and energy commodities and increased access to China's markets. The dispute triggered a shutdown of about one-quarter of the federal government, and Trump has said he will not sign any bill to reopen the government that does not include funding for the wall.

Oil prices fell more than 1 percent on Thursday due to the lack of any clear resolution to U.S.

The U.S. stock market was supported by advances by technology and other trade-sensitive sectors. Hong Kong's Hang Seng rose 0.6 percent to 26,667.27. The Dow Jones Industrial Average climbed 0.4 percent to 23,879.12 and the Nasdaq composite was 0.9 percent higher at 6,957.08.

After rising for several days, the S&P 500 has hit a level of technical resistance in not surpassing 2,600, said Scott. He echoed the tone of Fed officials who were present at a meeting last month.

POWELL SPEECH: Federal Reserve Chairman Jerome Powell said Thursday that the US central bank has the "ability to be patient" with its plans to gradually raise interest rates.

Sudan's chief prosecutor says 24 killed in ongoing unrest
Anti-government demonstrations first erupted on December 19 in towns and villages before later spreading to Khartoum . Sudan's economy was crippled when the south seceded in 2011, taking away much of its oil resources.

The previous session, oil prices jumped 5 percent, capping off an eight-day rally that marked oil's longest sustained rise since July 2017. Minutes of the meeting, which were released a day earlier, showed the officials believed that the central bank could afford to be "patient" with rate hikes, given volatile stock markets, trade tensions and shaky global growth. "The return of risk appetite, in turn, has pressured the U.S dollar lower", DBS Group Research strategists Philip Wee and Eugene Leow said in a commentary.

Benchmark 10-year notes US10YT=RR were last down 3/32 in price to yield 2.7261 percent after earlier rising to 2.747 percent, the highest since December 28.

At the start of trading on Wednesday, crude oil prices were up around 1 percent through OPEC curbing oil production and with the ongoing trade talks between the USA and China generating investor optimism. The contract is has surged by 23.7 percent since December 24.

The Canadian dollar traded at an average of 75.42 cents U.S. compared with an average of 75.56 cents USA on Thursday.

The West Texas Intermediate for February delivery fell 1 US dollar to settle at 51.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery plunged 1.2 dollars to close at 60.48 dollars a barrel on the London ICE Futures Exchange. The market gained 512.56 points or 3.55 per cent for the week, its best run since October 2015.

CURRENCIES: The dollar strengthened to 107.92 yen from 108.15 yen late Wednesday. The euro rose to $1.1527 from $1.1501.