2024 RT Amination Banner.gif

China Daily

News> Business> Content
Tuesday, November 26, 2019, 12:59
Asian stocks advance amid trade optimism, M&A
By Bloomberg
Tuesday, November 26, 2019, 12:59 By Bloomberg

Asian stocks gained Tuesday amid continuing optimism over US-China trade talks, along with a fresh wave of merger and acquisition activity that helped Wall Street log further record highs.

Hong Kong stocks underperformed. US futures were little changed, after jumping earlier in the wake of a Xinhua report on the latest phone call between negotiators. The yuan also advanced before giving up most of the move. Treasuries were little changed, as was the dollar.

Among the M&A deals that caught investor attention was Charles Schwab Corp’s agreement to buy TD Ameritrade Holding Corp, and LVMH’s plan to purchase Tiffany & Co.

Global equities are heading for another month of gains amid hopes that a phase-one trade deal is around the corner. China said over the weekend that it will tighten intellectual property rules, a move aimed at boosting the chances of a trade deal. 

“There are more incentives now on both sides to get this trade deal done compared to when the trade talks first fell apart earlier this year because the Chinese economy has slowed down much more since then and in the US Trump is facing his 2020 election campaign,” Amy Xie Patrick, a portfolio manager at Pendal Group, told Bloomberg TV in Sydney.

Elsewhere, Alibaba Group Holding Ltd. debuted on the Hong Kong bourse at HK$187 from its IPO price of HK$176. In Sydney, Westpac Banking Corp. rose for the first time in five days after its CEO resigned over a money-laundering scandal.

Here are some key events coming up this week:

Reserve Bank of Australia Governor Philip Lowe will give a speech on unconventional monetary policy on Tuesday evening in Sydney.

US consumer spending data is due Wednesday, along with GDP, jobless claims and durable goods.

The US celebrates Thanksgiving on Thursday, when equity and bond markets will be shut.

The Bank of Korea sets policy on Friday.

These are the main moves in markets:

Stocks

The MSCI Asia Pacific Index rose 0.3% as of 12:08 p.m. in Tokyo.

Topix index rose 0.5%.

Australia’s S&P/ASX 200 Index rose 0.7%.

South Korea’s Kospi index added 0.4%.

Hang Seng Index down 0.1%.

Shanghai Composite little changed.

S&P 500 futures rose 0.1%. The S&P 500 Index advanced 0.8%.

Currencies

The yen was at 108.98 per dollar.

The offshore yuan traded at 7.0268 per dollar.

The Bloomberg Dollar Spot Index was flat.

The euro traded at $1.1011.

Bonds

The yield on 10-year Treasuries was at 1.76%.

Yields on Australia’s 10-year bonds were flat at 1.08%.

Commodities

West Texas Intermediate crude was little changed at $57.99 a barrel.

Gold was little changed at $1,454.22 an ounce.

Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !