World News: 01:11 GMT Wednesday 14th August 2019. [Yahoo Business News Feed via SPi World News]
(Bloomberg) -- Asian stocks climbed after the Trump administration de-escalated its trade war with China, providing relief to risk assets that had been under pressure earlier in the week. Treasuries steadied.Shares in Japan opened about 1% higher after the S&P 500 Index had its biggest intraday gain in more than two months. Washington said it was delaying until mid-December the 10% tariff on some Chinese-made products that are high on many holiday-shopping lists such as phones, laptops and toys. The Korean won and the country’s equities surged. The dollar held steady.President Donald Trump said he delayed the tariffs to spare the Christmas shopping season after his representatives had a “productive” call with China. That provided the impetus for renewed appetite for riskier assets, a welcome respite from the souring trade tensions that are investors’ number one concern. Next up is a slew of Chinese economic data due on Wednesday.The decision to delay has “prompted a relief rally in the markets,” said Tom Orlik, chief economist for Bloomberg Economics. “From the perspective of the immediate risk to corporate earnings, this makes sense. Thinking about the trade war’s deeper impact on growth, the problem remains unresolved.”Meanwhile, Hong Kong’s airport resumed normal operations after a chaotic night of protest in which demonstrators beat and detained two suspected infiltrators and Trump warned of Chinese troops massing on the border.Elsewhere, oil edged lower after jumping the most since early January.Here are some key events coming up:Companies releasing results include Tencent and Alibaba; Cisco, Walmart and Nvidia of the U.S.; the U.K.’s Prudential; Australia’s Telstra; Europe’s Swisscom and brewer Carlsberg.Wednesday brings data on China retail sales, industrial production and the jobless rate.Thursday sees the release of U.S. jobless claims, industrial production and retail sales data.These are the main moves in markets:StocksJapan’s Topix index climbed 1% as of 9:02 a.m. in Tokyo.The S&P 500 Index rose 1.5% on Tuesday. Futures were little changed.South Korea’s Kospi index advanced 1.1%.Australia’s S&P/ASX 200 Index added 0.3%.CurrenciesThe yen was up 0.2% at 106.58 per dollar after tumbling 1.4%.The offshore yuan traded at 7.0173 per dollar.The Bloomberg Dollar Spot Index was stable after advancing 0.2%.The euro bought $1.1174, little changed.BondsThe yield on 10-year Treasuries dipped one basis point to 1.69%.Australia’s 10-year yield added three basis points to 0.96%.CommoditiesGold was little changed at $1,502.20 an ounce.West Texas Intermediate crude slipped 0.6% to $56.75 a barrel.\--With assistance from Luke Kawa.To contact the reporter on this story: Adam Haigh in Sydney at firstname.lastname@example.orgTo contact the editors responsible for this story: Christopher Anstey at email@example.com, Andreea PapucFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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