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SYDNEY (Reuters) – Asian shares pared losses on Tuesday as hopes for a de-escalation in the Sino-U.S. tariff war rose on a report that China’s top trade negotiator was preparing to visit the United States ahead of a meeting between the two countries’ leaders. Spreadbetters pointed to a positive start for Europe and U.S. with E-minis for the S&P 500 and the Dow up 0.5 percent each. FTSE futures were up 0.2 percent. The South China Morning Post reported, citing sources from both sides, that China’s top trade negotiator Liu He may visit Washington to prepare for the talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Argentina later this month custom shaped cufflinks uk sale.
“This news is being perceived as a positive outcome,” said Rodrigo Catril, markets strategist at National Australia Bank. “So, we have seen a broad improvement in sentiment across markets.” custom shaped cufflinks uk sale. “This is good news but there is still some caution. We obviously need more detail on it.”. The Australian dollar which is often played as a liquid proxy for Chinese assets, jumped 0.6 percent to $0.7214 in late afternoon trade. Chinese shares reversed earlier losses with the blue-chip index climbing about 1 percent..
That helped lift MSCI’s broadest index of Asia-Pacific shares outside Japan off the day’s low. It was still down 0.4 percent after skidding 1.7 percent at one point. Fears of a likely peak in corporate earnings growth, softening global demand and faster rate hikes in the United States have put global investors on edge over the past month, prompting them to take money off the table before year-end. Japan’s Nikkei dived more than 2 percent, led by losses in electric machinery makers and suppliers of Apple’s iPhone parts after three suppliers issued profit warnings, sending the tech-heavy Nasdaq slumping over 2 percent custom shaped cufflinks uk sale.
The weakened outlook triggered a steep selloff in Asian tech firms, with shares in Japan Display plummeting over 11 percent while Murata Manufacturing and TDK Corp dived as much as 8.9 percent and 8.4 percent respectively custom shaped cufflinks uk sale. Taiwanese companies in the iPhone supply chain such as Genius and Hon Hai were also deep in the red. “Market participants are gradually thinking that this technology stocks boom is going to end before long,” said Yoshinori Shigemi, Japan-based global market strategist at JPMorgan Asset Management..
“We are suggesting our clients shift from any technology stocks to quality names, stocks with high return on equity and low leverage,” Shigemi said, without identifying particular shares. The Asia ex-Japan index is now down nearly 17 percent this year, after a solid 33.5 percent gain in 2017, with October the worst month since mid-2015. Investor sentiment has been dented by the deepening trade battle between the United States and China, with Asian emerging markets suffering their largest monthly foreign outflows since August 2011 last month, said Khoon Goh, Singapore-based head of Asia research for ANZ Banking Group custom shaped cufflinks uk sale.