Forex Marketz Daily Forex News – Fully Markets Update
The Asian markets, including the markets on the mainland in China were trading higher by the afternoon trade session. Traders are monitoring trade comments between the United States and China.
Both side are saying that progress is being made towards a Phase One completion.
The Asian and Pacific Rim financial markets in Singapore, India, Malaysia and New Zealand are all closed for public holidays. Regional trade volume is lower due to this.
In Australia, the ASX 200 is up about 0.14 percent as the major miners are all higher.
Shares of Rio Tinto added one percent and shares of Fortescue gained 1.9 percent. Shares of BHP Billiton gained 1.2 percent.
In Japan, the headline Asian bourse, the Nikkei 225 was up 0.23 percent by late morning. In South Korea, the Kospi composite index was trading up 0.32 percent.
In Hong Kong, the Hang Seng index was up 0.62 percent.
In China, the Shanghai was up over half a percent and the smaller Shenzhen composite added nearly one percent by noon.
Asian Traders Monitor Trade Talks and Look towards the FOMC this Week
Looking at news surrounding the ongoing trade talks between China and the United States, a U.S. Trade Representative said that there has been a lot of “headway on specific issues and the two sides are close to finalizing some sections of the agreement.”
Over the weekend, China’s Commerce Ministry said that they are addressing core issues with the U.S.
The Commerce Ministry also said that the United States will import cooked poultry and China will lift a ban on poultry from the United States.
Traders are now looking towards to this week’s Federal Open Market Committee (FOMC). The FOMC is scheduled to meet on October 30-31.
The FOMC, the monetary policy arm of the U.S. Federal Reserve, is expected to cut their Fed Funds rate by 25 basis points.
