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Asia stocks edge up on Mexico reprieve but Sino-US rift caps gains

Updated : June 11, 2019 08:41 AM IST

US President Donald Trump said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with Chinese President Xi Jinping at the G20 summit.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent. Australian stocks rose 0.9 percent, South Korea's KOSPI added 0.15 percent and Japan's Nikkei edged up 0.05 percent.

In the currency markets, the dollar gave up some of the modest gains it made against its peers overnight on news that the United States and Mexico agreed on a deal to avoid tariffs.

Asian stocks made modest gains on Tuesday after the Trump administration shelved plans for tariffs against Mexico, lifting Wall Street, however, fresh US trade threats against China are expected to limit any major investor sentiment boost.

US President Donald Trump said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with Chinese President Xi Jinping at the G20 summit.

The US president has repeatedly said he expected to meet Xi at the June 28-29 summit in Osaka, Japan although China is yet to confirm any such meeting.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent. Australian stocks rose 0.9 percent, South Korea's KOSPI added 0.15 percent and Japan's Nikkei edged up 0.05 percent.

US stocks extended their recent climb on Monday, with the Dow rising for the sixth trading day following a decision by the United States to forego imposing tariffs on Mexican goods.

"The lift from the US-Mexico trade development is likely to be a temporary one for the equity markets as the bigger issue between the United States and China remains unresolved," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

"Nervousness will prevail in the markets until the G20 summit. And there is no guarantee that matters will improve even if the US and Chinese leaders meet at the summit."

In the currency markets, the dollar gave up some of the modest gains it made against its peers overnight on news that the United States and Mexico agreed on a deal to avoid tariffs.

The dollar was down 0.05 percent at 108.370 yen after gaining 0.2 percent overnight.

The euro edged up 0.05 percent to $1.1318 following a loss of 0.2 percent the previous day.

The dollar index against a basket of six major currencies was a shade lower at 96.731 after advancing 0.2 percent on Monday.

The benchmark US Treasury 10-year yield stood little changed at 2.141 percent. The yield had risen about 6 basis points overnight as the US-Mexico deal boosted risk appetite and curbed investor demand for safe-haven government debt.

US West Texas Intermediate (WTI) crude oil futures were up 0.13 percent at $53.33 per barrel, finding some traction after sliding the previous day.

Crude oil fell on Monday, with US futures losing 1.3 percent, as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal and with US-China trade tensions continuing to threaten demand for the commodity.

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