Forex Marketz Daily Forex News – Fully Markets Update
The Asian markets during the morning trade session on Friday were mostly higher as they tracked another record setting day on Wall Street.
Traders in the Asian and Pacific Rim are also monitoring positive trade headlines between the United States and China as progress is being made. Japanese economic data, however, was the only black spot during the day. Retail sales were worse than expected for the month of November.
In South Korea, the benchmark Kospi composite index reversed early losses to gain 0.29 percent by lunchtime. Shares of blue chip Samsung Electronics popped more than two percent.
In Japan, the Asian benchmark, the Nikkei 225, was up a fraction of a percent and the broader Topix index, in Tokyo, added 0.12 percent.
For the month of November, retails sales in Japan, were poorer than expected. Retail sales contracted 2.1 percent on an annual basis. This is official government data. Demand is still facing pressure thanks to regional and global trade tensions.
Stocks on the mainland, in China, were also higher by lunchtime. The Shanghai composite rose a tenth of a percent and the smaller Shenzhen composite added 0.283 percent. The Shenzhen component was up 0.37 percent.
In Hong Kong, shares on the Hang Seng index added 0.83 percent.
Asian Traders Monitor Trade Headlines as Progress Cheers Sentiment
Asian traders are cheering some progress with the progress being made in trade talks between the world’s two largest economies.
On Wednesday, China’s Foreign Ministry spokesman, Geng Shuang said that China and the United States are engaged in “close communication about detailed arrangements for the deal’s signing and other follow-up work.”
Just before Christmas Eve, U.S. President Donald Trump said that the “phase one” trade accord “deal is done.” He said that China’s President Xi would hold a signing ceremony in January 2020 and both sides are waiting on translations to be completed.
