Global Market Report - December 4

Yesterday's strong rally in world equities proved to be shortlived as doubts surfaced about the lack of detail in the trade truce between the US and China

Morningstar 06/12/2561

Global Market Report

Asia

The trade truce rally proved to be shortlived on Tuesday after a strong start on Wall Street petered out as doubts started to creep in. Despite a number of tweets from President Trump on specific sectors, namely farming, the lack of detail on trade from either side has started to trouble investors.

Nevertheless, Chinese and Hong Kong shares nudged higher, helped by a recovery in the Chinese yuan.

Japan’s Nikkei suffered a significant one-day slump of over 2% or 500 points to just above 22,000 points. Japan has been one of the more resilient markets during this year’s volatility. The Nikkei regained its early year high above 24,000 points in October before the global slump took the index to the low 21,000 level. The USD-JPY exchange rate has remained between 110 and 115 yen since July and today a drop from 113.5 to 112.7 weakened the case for Japanese equities.

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