Asian Markets Gain As China, US Finally Put Pen To Paper On Deal

Asian Markets Gain As China, US Finally Put Pen To Paper On Deal
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Asian markets mostly rose Thursday as details were released of the China-US trade deal signed in Washington, with analysts saying it would allow investors to turn their focus to the global outlook and earnings season. After painstaking on-off talks between the economic superpowers, US President Donald Trump finally put pen to paper on an agreement that lowers tensions between the two and provides a major boost to the global outlook. Equities have been rallying since last month’s announcement of a deal to de-escalate a long-running stand-off that has jolted growth around the world and fanned fears of recession in some countries. The pact — the first part of a wider agreement — includes pledges from Beijing to boost purchases of US agricultural goods and other exports for two years, protects US technology, and provides enforcement mechanisms allowing Washington to impose penalties that Beijing cannot respond to. In return, the US has cut tariffs on some Chinese products and cancelled others that had been lined up, though levies remain in place on goods worth hundreds of billions of dollars, which Trump said will stay in place until the next phase of talks is complete. The president hailed it as a "momentous step", while Beijing cautiously welcomed the "hard-fought agreement" but warned of uncertainties ahead owing to the countries’ fraught relationship. Still, Wall Street ended with healthy gains, with the Dow and S&P 500 hitting records, but Asian markets swung through the day. Hong Kong rose 0.4 percent, Tokyo finished 0.1 […]

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