Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement.

Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a mini pact, saying China had already begun promised purchases of farm goods and that the first part of a wider commitment was almost complete.

"We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases.

Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile.

And Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well. 
Increasing signs of progress in the 18-month trade war provided some much-needed relief to global markets, with all three main indexes on Wall Street ending higher and Asia taking up the lead.

Hong Kong, Shanghai and Sydney each rose 0.2 per cent, Singapore put on 0.8 per cent and Seoul rallied 0.9 per cent. Wellington, Taipei, Manila and Jakarta were also higher. Tokyo was closed for a holiday.

"Unlike previous trade talks where expectations centred on the view that something is better than nothing, this time around there appears to be a tangible and workable roadmap in place," said AxiTrader senior market analyst Stephen Innes.

'On the same page'

He said this was "supported by official confirmation that the US and China were both on the same page about the intent to work towards phase one of a 'deal' by mid-November".

The "fact that phase two is even being discussed at this time... suggests that both the US and China may have finally found a bridge that isn't too far".

Traders are also keeping watch on events in London, where Boris Johnson will try on Tuesday to push his Brexit deal with the EU through parliament before next Thursday's deadline.

Sterling rallied Monday to $1.3013 -- its highest since May -- but ticked back after House of Commons Speaker John Bercow refused the prime minister's request to put his bill to MPs.

On Monday it edged back up against the dollar and euro. 
And while many lawmakers say they need more time to read through the details, there is a growing expectation that the government can muster enough support to eventually push the bill through later Tuesday.

Still, with the vote likely to be tight, traders are moving cautiously.

"While markets haven't seen fit to reverse last week's optimism that saw sterling smartly higher, they aren't yet prepared to take the pound up to the next level that successful passage of the Brexit agreement would presumably entail," said Ray Attrill at National Australia Bank.

Key figures around

Hong Kong - Hang Seng: UP 0.2 per cent at 26,779.16 
Shanghai - Composite: UP 0.2 percent at 2,944.26 
Tokyo - Nikkei 225: Closed for a holiday 
Pound/dollar: UP at $1.2982 from $1.2960 at 2100 GMT 
Euro/pound: DOWN at 85.91 pence from 86.03 pence 
Euro/dollar: DOWN at $1.1157 from $1.1145&nbsp; 
Dollar/yen: UP at 108.69 yen from 108.60 yen 
West Texas Intermediate: UP 16 cents at $53.47 per barrel 
Brent North Sea crude: UP 12 cents at $59.08 per barrel 
New York - Dow: UP at 0.2 percent at 26,827.64 (close) 
London - FTSE 100: UP 0.2 percent at 7,163.64 (close)

Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement.

Asian markets mostly rose Tuesday on growing optimism that China and the US will sign a partial trade deal next month, while the pound held firm around five-month highs as dealers bet Britain will leave the EU with a Brexit agreement. Donald Trump reinforced hopes Monday that he and Xi Jinping will be able to put pen to paper on a mini pact, saying China had already begun promised purchases of farm goods and that the first part of a wider commitment was almost complete. "We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House, adding they would then move on to the next phases. Trade Representative Robert Lighthizer said efforts were being made for it to be ready when the leaders meet at the APEC summit next month in Chile. And Trump's economics adviser Larry Kudlow indicated tariffs planned to go into effect in December could be cancelled if the talks go well. Increasing signs of progress in the 18-month trade war provided some much-needed relief to global markets, with all three main indexes on Wall Street ending higher and Asia taking up the lead. Hong Kong, Shanghai and Sydney each rose 0.2 per cent, Singapore put on 0.8 per cent and Seoul rallied 0.9 per cent. Wellington, Taipei, Manila and Jakarta were also higher. Tokyo was closed for a holiday. "Unlike previous trade talks where expectations centred on the view that something is better than nothing, this time around there appears to be a tangible and workable roadmap in place," said AxiTrader senior market analyst Stephen Innes. 'On the same page' He said this was "supported by official confirmation that the US and China were both on the same page about the intent to work towards phase one of a 'deal' by mid-November". The "fact that phase two is even being discussed at this time... suggests that both the US and China may have finally found a bridge that isn't too far". Traders are also keeping watch on events in London, where Boris Johnson will try on Tuesday to push his Brexit deal with the EU through parliament before next Thursday's deadline. Sterling rallied Monday to $1.3013 -- its highest since May -- but ticked back after House of Commons Speaker John Bercow refused the prime minister's request to put his bill to MPs. On Monday it edged back up against the dollar and euro. And while many lawmakers say they need more time to read through the details, there is a growing expectation that the government can muster enough support to eventually push the bill through later Tuesday. Still, with the vote likely to be tight, traders are moving cautiously. "While markets haven't seen fit to reverse last week's optimism that saw sterling smartly higher, they aren't yet prepared to take the pound up to the next level that successful passage of the Brexit agreement would presumably entail," said Ray Attrill at National Australia Bank. Key figures around Hong Kong - Hang Seng: UP 0.2 per cent at 26,779.16 Shanghai - Composite: UP 0.2 percent at 2,944.26 Tokyo - Nikkei 225: Closed for a holiday Pound/dollar: UP at $1.2982 from $1.2960 at 2100 GMT Euro/pound: DOWN at 85.91 pence from 86.03 pence Euro/dollar: DOWN at $1.1157 from $1.1145 Dollar/yen: UP at 108.69 yen from 108.60 yen West Texas Intermediate: UP 16 cents at $53.47 per barrel Brent North Sea crude: UP 12 cents at $59.08 per barrel New York - Dow: UP at 0.2 percent at 26,827.64 (close) London - FTSE 100: UP 0.2 percent at 7,163.64 (close)

Asian markets lifted by China-US trade hopes, pound stands ground

Trade tensions and high-tech rivalry between the <a href="https://www.wionews.com/world/china-has-tools-to-handle-trade-war-with-us-central-bank-chief-yi-gang-225228">US and China</a> are having a "very negative influence" on the world economy, Australia's prime minister said Friday as he urged both powers to resolve their differences.

Scott Morrison, speaking at a business lunch during a visit to Singapore, urged countries to continue expanding partnerships with one another as Washington and Beijing struggle to resolve their disputes.

The world's two biggest economies have been engaged in a bruising trade war for months, and their dispute recently spilled over into the high-tech sphere after US President Donald Trump blacklisted Chinese technology giant Huawei on national security grounds.

"It's a very negative influence on global economic performance... This is frustrating because many of the fundamentals of the global economy have strengthened," said Morrison.

He said it was in the interest of the rest of the world that both countries resolve their disputes, but in the meantime, nations should take steps to keep the momentum for free trade.

Morrison cited the Trans-Pacific Partnership (TPP), a free-trade deal that 11 nations agreed on even after the US pulled out.

Morrison earlier met with Singaporean Prime Minister Lee Hsien Loong and both expressed hope that another free-trade pact called the Regional Comprehensive Economic Partnership (RCEP) in which both are members would be concluded this year.

"We're reasonably confident that with sufficient political will and willingness to make difficult trade offs, it's possible to conclude the RCEP by the end of 2019," Lee said in a joint news conference after the meeting.

Morrison said the 16 nations negotiating RCEP can now focus on talks after the completion of elections in partner states, including Australia, Indonesia and Thailand.

"We think it's a very important agreement for our region," the Australian leader said.

China has backed RCEP -- of which the US is not a member -- amid its prolonged trade showdown with Trump.

RCEP negotiations gathered steam after Trump pulled out of the TPP, a trade pact advocated by his predecessor Barack Obama that did not include China and, unlike RCEP, established labour and environmental standards.

Trade tensions and high-tech rivalry between the US and China are having a "very negative influence" on the world economy, Australia's prime minister said Friday as he urged both powers to resolve their differences.

Trade tensions and high-tech rivalry between the US and China are having a "very negative influence" on the world economy, Australia's prime minister said Friday as he urged both powers to resolve their differences. Scott Morrison, speaking at a business lunch during a visit to Singapore, urged countries to continue expanding partnerships with one another as Washington and Beijing struggle to resolve their disputes. The world's two biggest economies have been engaged in a bruising trade war for months, and their dispute recently spilled over into the high-tech sphere after US President Donald Trump blacklisted Chinese technology giant Huawei on national security grounds. "It's a very negative influence on global economic performance... This is frustrating because many of the fundamentals of the global economy have strengthened," said Morrison. He said it was in the interest of the rest of the world that both countries resolve their disputes, but in the meantime, nations should take steps to keep the momentum for free trade. Morrison cited the Trans-Pacific Partnership (TPP), a free-trade deal that 11 nations agreed on even after the US pulled out. Morrison earlier met with Singaporean Prime Minister Lee Hsien Loong and both expressed hope that another free-trade pact called the Regional Comprehensive Economic Partnership (RCEP) in which both are members would be concluded this year. "We're reasonably confident that with sufficient political will and willingness to make difficult trade offs, it's possible to conclude the RCEP by the end of 2019," Lee said in a joint news conference after the meeting. Morrison said the 16 nations negotiating RCEP can now focus on talks after the completion of elections in partner states, including Australia, Indonesia and Thailand. "We think it's a very important agreement for our region," the Australian leader said. China has backed RCEP -- of which the US is not a member -- amid its prolonged trade showdown with Trump. RCEP negotiations gathered steam after Trump pulled out of the TPP, a trade pact advocated by his predecessor Barack Obama that did not include China and, unlike RCEP, established labour and environmental standards.

China-US tensions 'very negative influence' on global economy: Australia PM Scott Morrison

<a href="http://www.wionews.com/world/china-january-trade-data-beats-forecasts-but-likely-due-to-seasonal-factors-197297">China's trade </a>surplus with the US narrowed in January even as its American imports continued to plunge, official data released on Thursday showed, as officials from the world's top two economies sat down for crucial trade talks in Beijing.&nbsp;

China's exports across the Pacific fell more than 2 per cent in January from a year earlier, data from the customs administration showed, after shrinking in December.&nbsp;

Still, China's trade surplus with the US for the month stood at $27.3 billion. Last year it hit a record $323.3 billion.

It is a major source of anger within the Trump administration, which imposed tariffs on hundreds of billions of dollars worth of Chinese goods last year and has threatened more to come.

Officials from the world's top two economies are holding negotiations in Beijing on Thursday and Friday in a bid to resolve their thorny trade dispute.&nbsp;

Trump in December postponed plans to sharply hike tariffs on $200 billion of Chinese imports until March 1 to allow more time for negotiations. This week he indicated he was open to extending the trade truce depending on progress in Beijing.

"Based on the positive signals from the US-China trade negotiations, further tariff hikes will likely be suspended," noted Louis Kuijs of Oxford Economics, adding he expected continued pressure on exports due to a global slowdown and the existing US tariffs.

China's exports to the world - all countries including the US - unexpectedly rose 9.1 per cent in January from a year earlier, turning a corner after exports fell in December.

"One possible explanation for January's upbeat export data could be some re-arrangement of regional supply chains on the back of the ongoing China-US trade dispute," said Betty Wang, an economist at ANZ bank.

Exports to Europe and ASEAN countries surged, she wrote in the research note.&nbsp;

China's imports, however, continued to fall in January, down 1.5 per cent from a year earlier, though at a slower pace than a 10.2 per cent decline forecast by Bloomberg News.

"The import slowdown in recent months obviously in part reflects the slowdown in China's domestic economy," said Kuijs.

A slew of bad economic data has added to concerns about China's economy, which grew at its slowest pace in almost three decades last year.

Analysts cautioned that it is difficult to compare trends at the start of each year due to the Chinese New Year holiday, which came in early February this year and can affect business activity.

"The broad trend in shipments still appears to be pointing down," said Julian Evans-Pritchard of Capital Economics.&nbsp;

"The downbeat outlook for global growth means that this year is likely to be challenging for Chinese exporters, even if the ongoing US-China trade negotiations culminate in a deal," Evans-Pritchard wrote in a research note.

China's trade surplus with the US narrowed in January even as its American imports continued to plunge, official data released on Thursday showed, as officials from the world's top two economies sat down for crucial trade talks in Beijing.

China's trade surplus with the US narrowed in January even as its American imports continued to plunge, official data released on Thursday showed, as officials from the world's top two economies sat down for crucial trade talks in Beijing. China's exports across the Pacific fell more than 2 per cent in January from a year earlier, data from the customs administration showed, after shrinking in December. Still, China's trade surplus with the US for the month stood at $27.3 billion. Last year it hit a record $323.3 billion. It is a major source of anger within the Trump administration, which imposed tariffs on hundreds of billions of dollars worth of Chinese goods last year and has threatened more to come. Officials from the world's top two economies are holding negotiations in Beijing on Thursday and Friday in a bid to resolve their thorny trade dispute. Trump in December postponed plans to sharply hike tariffs on $200 billion of Chinese imports until March 1 to allow more time for negotiations. This week he indicated he was open to extending the trade truce depending on progress in Beijing. "Based on the positive signals from the US-China trade negotiations, further tariff hikes will likely be suspended," noted Louis Kuijs of Oxford Economics, adding he expected continued pressure on exports due to a global slowdown and the existing US tariffs. China's exports to the world - all countries including the US - unexpectedly rose 9.1 per cent in January from a year earlier, turning a corner after exports fell in December. "One possible explanation for January's upbeat export data could be some re-arrangement of regional supply chains on the back of the ongoing China-US trade dispute," said Betty Wang, an economist at ANZ bank. Exports to Europe and ASEAN countries surged, she wrote in the research note. China's imports, however, continued to fall in January, down 1.5 per cent from a year earlier, though at a slower pace than a 10.2 per cent decline forecast by Bloomberg News. "The import slowdown in recent months obviously in part reflects the slowdown in China's domestic economy," said Kuijs. A slew of bad economic data has added to concerns about China's economy, which grew at its slowest pace in almost three decades last year. Analysts cautioned that it is difficult to compare trends at the start of each year due to the Chinese New Year holiday, which came in early February this year and can affect business activity. "The broad trend in shipments still appears to be pointing down," said Julian Evans-Pritchard of Capital Economics. "The downbeat outlook for global growth means that this year is likely to be challenging for Chinese exporters, even if the ongoing US-China trade negotiations culminate in a deal," Evans-Pritchard wrote in a research note.

China's trade surplus with US narrows in January

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Asian markets lifted by China-US trade hopes, pound stands ground

China-US tensions 'very negative influence' on global economy: Australia PM Scott Morrison

China's trade surplus with US narrows in January