Asian shares rally on US-China trade deal hopes:The Asahi Shimbun

Why location matters so much for Trump Xi trade summit

Why location matters so much for Trump Xi trade summit

China is pushing US President Donald Trump to remove more tariffs imposed in September as part of a "phase one" US-China trade deal, people familiar with the negotiations said on Monday. "It's just another leg towards a potential agreement".

"As much as the US-China trade updates continue to point to a Phase 1 deal looking like a certainty, the contentious issues on whether the US will cancel the planned December tariffs and remove some of the current tariffs in line with China's demands remains an unknown and if the issue is not resolved then a deal could easily collapse", they said. "All that is needed for markets to be happy right now is for an agreement to be announced", said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

Solid corporate earnings and upbeat data also provided equities a lift. More than three-quarters of the S&P 500 companies that have reported so far have beaten profit expectations, Refinitiv data showed.

ISM's services data showed a reading of 54.7 in October from 52.6 the prior month, or above expectations of 53.4, according to economists polled by Reuters.

It all helped ease concern about the recession risks facing the global economy, sparking a selloff across the major bond markets that nervy investors huddled into when worry levels spiked earlier in the year.

The three major US stock indexes set record intraday highs and MSCI's gauge of equity performance across the globe rose to less than 2% from an all-time peak set in January 2018.

MSCI's gauge of stock indexes in 47 countries .MIWD00000PUS shed 0.01% while the pan-European STOXX 600 index of small, mid-sized and large stocks .STOXX rose 0.10%.

Australian shares were up 0.3 percent and Seoul's Kospi added 1.3 percent.

The Dow Jones Industrial Average, S&P 500 and Nasdaq all scaled new lifetime highs.

The currency maintained gains even after China's central bank cut its one-year medium-term lending facility (MLF) rate by 5 basis points, for the first time since early 2016.

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That followed record closing highs for the US S&P 500, Dow Jones and Nasdaq and after the Financial Times had reported that the USA was considering rolling back levies on US$112 billion of Chinese imports, which were introduced at a 15% rate on Sept 1.

The yen and Swiss franc tend to strengthen in times of geopolitical tension and financial stress.

Brent crude futures for January delivery rose 88 cents to $63.01 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 76 cents to $57.30 a barrel. Gold fell nearly 2%, en route to its biggest daily slide in over a month.

The British pound was down 0.01 percent against the dollar, trading at $1.2881, while the euro remained unchanged against the dollar. The Japanese yen JPY= weakened 0.59% versus the greenback at 109.23 per dollar.

USA gold futures GCcv1 settled down 1.8% at $1,483.70.

The 10-year US Treasury yield rose 4 basis points to around 1.83% and the US yield curve - measuring the gap between two- and 10-year yields - was at its steepest in three months.

A man walks past a panel displaying figures of China stock indexes and Hang Seng Index at the financial Central district in Hong Kong, September 2, 2015.

AxiTrader senior market analyst Stephen Innes said that while shares have enjoyed a long run on the back of the trade deal hopes, investors appeared willing to press on with their buying for now. The three-month to 10-year Treasury yield curve - a key warning sign of US recession when inverted - is rising again after staying in negative territory for long periods since May.

Germany's 10-year bond yield rose as high as -0.308% DE10YT=RR , while the French 10-year hit -0.006% FR10YT=RR to within striking distance of positive territory.

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