China stocks have best day in 7 weeks as Xi’s speech eases trade war fears

China’s stock markets rallied on Tuesday as President Xi Jinping’s vow to further open up the economy soothed fears of a trade war with the United States.

The blue-chip CSI300 index rose 1.9 percent, to 3,927.17 points, while the Shanghai Composite Index gained 1.7 percent to 3,190.32, in their best single-day performance in seven weeks.

Xi pledged on Tuesday to open the countryA?a��a�?s economy further to foreign investors and lower import tariffs on products including cars, in a speech seen as an attempt to defuse an escalating trade dispute with Washington.

While most of the pledges were reiterations of long-promised measures and were short on specifics, markets believed they signalled some room for a possible compromise with Washington.

Source : Reuters

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Asian shares pressured as Wall Street ends off highs, focus on Xi speech

Asian shares edged lower on Tuesday as Wall Street retreated from its highs after the FBI raided the offices of U.S. President Donald Trump’s long time lawyer, dampening risk appetite already under strain from an escalating U.S.-China trade spat.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.2 percent. South Korea’s KOSPI .KS11 fell 0.8 percent, while Japan’s Nikkei .N225 shed 0.4 percent.

The sharp pull-back on Wall Street late in Monday’s trading seems to be dampening market sentiment, said Hirofumi Suzuki, an economist for Sumitomo Mitsui Banking Corporation in Singapore.

On Wall Street on Monday, the S&P 500 stock index .SPX gave up intraday gains as much as 1.9 percent to end up 0.3 percent.

Markets are keenly awaiting a speech by Chinese President Xi Jinping at the Boao Forum on Tuesday, which could elicit Xi’s first reaction on the tariff standoff with the United States.

Source : Reuters

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Tokyo stocks open lower ahead of Xi speech

Tokyo stocks opened lower on Tuesday as investors waited for a speech by Chinese President Xi Jinping at an Asian forum amid trade tensions with the United States.

The benchmark Nikkei 225 index fell 0.42 percent or 92.06 points to 21,586.20 in early trade while the broader Topix index was down 0.30 percent or 5.25 percent at 1,720.63.

Source : AFP

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