|Day's range||28,813.13 - 29,101.15|
|52-week range||24,899.93 - 30,280.12|
The United States removed China from a list of countries considered currency manipulators just two days before top trade negotiators for Washington and Beijing signed a key “Phase One” trade deal, the Treasury Department announced on January 13.
The Australian share market surged into record territory on Thursday, passing the 7000-point milestone for the first time ever. The Bank of Japan is expected to keep monetary policy steady next week.
The fact that tariffs are likely to remain in place until after the 2020 U.S. presidential elections is rattling investors along with U.S. Treasury Secretary Steven Mnuchin’s comment that existing tariffs on Chinese goods would stay, pending further talks.
the label of the country as a currency manipulator, ahead of the signing this week of a “phase one” trade deal between the two sides. China a currency manipulator in August after the Chinese central bank allowed the renminbi to weaken beyond Rmb7 to the dollar. Lifting that label on Monday, Steven Mnuchin, US Treasury secretary, said China had “made enforceable — commitments to refrain from competitive devaluation” and pointed to the imminent broader agreement on trade.
Australian shares hit record highs on Tuesday, powered by gains in financial and mining sectors, as optimism over a planned signing of a preliminary Sino-U.S. trade deal lifted investor spirits.
China’s blue-chip index closed at a near 2-year high on Monday, amid strength in technology shares, as investors turned optimistic ahead of the signing of the trade deal.
In economic news, Australia’s retail sales data for November beat expectations, jumping 0.9%, the largest increase since last February, according to a Reuters report. A Reuters poll had forecast a 0.4% gain.
Wall Street’s main equities gauges hit record highs on Thursday, with Middle East tensions easing and the prospect of a Sino-US “phase one” deal on track to be signed next week. A relief rally began on ...
China’s consumer inflation steadied while factory-gate prices fell at a slower pace in December, giving Beijing room to stay the course on monetary easing as economic growth cools.
Conflict-related tensions lifted shares of Chinese goldminers and defense companies, with the CSI national defense industry index rising to a near four-month high as discussions of a war intensified.
Questions are being raised over how China will meet a target of spending billions of dollars more on agricultural goods after the world’s second largest economy said it will not increase its annual low-tariff import quotas for corn, wheat and rice.
In economic news, China’s services sector expanded at a slower pace in December following a strong rebound in the previous month, with business confidence falling to the second lowest on record despite a pick-up in new orders, a private survey showed on Monday.
Hong Kong hit a five-month high and China followed up a strong 2019 with solid gains the first few sessions of the new year, after China’s central bank made a couple of dovish moves. Shares fell in Australia as the Australian Dollar’s strength worried the RBA
Aussie shares may have also been boosted by a drop in the Australian Dollar. This came as a relief to the Reserve Bank of Australia (RBA) who feared the strengthening currency would have a negative impact on exports and thus economic growth.
Wall Street closed the books Tuesday on a blockbuster 2019 for stock investors, with the broader market delivering its best returns in six years. The S&P 500 finished with a gain of 28.9% for the year, or a total return of 31.5%, including dividends. The Nasdaq composite rose 35.3%.
“There could be a few big institutions out there that are taking some profits,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab. “While (manufacturing) only represents about 12% of the economy, it tends to be much more of a leading indicator versus the services sector,” he said.
China’s central bank will use the loan prime rate (LPR) as a new benchmark for pricing existing floating –rate loans, in a step that analysts say could help lower borrowing costs and underpin economic growth.
Hong Kong stocks closed at a five-month peak as investors cheered a rebound in China’s industrial profits for November. The benchmark Hang Seng index ended up at its highest closing level since July 26.