Hong Kong, China (AFP) — Asian investors kicked off Wednesday on a tentative note as optimism over the China-US trade talks was offset by profit-taking after a recent rally.
Another record close on Wall Street provided another positive lead for regional traders, who are keeping tabs on progress in the tariff negotiations, with expectations a deal could be signed this month.
The US gains came after data showed a better-than-forecast increase in activity in the key US services sector last month, which added to signs the world’s top economy was stabilizing.
Reports that the US is considering removing tariffs on more than $100 billion of Chinese imports in order to get a mini pact done sent Asian markets surging Tuesday.
And signs of progress helped support the Chinese yuan, which was holding above seven to the dollar on Tuesday, around its highest levels since May.
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However, Stephen Innes at AxiTrader said investors could be reaching their limit for more gains until there is more movement on the trade talks.
“Sentiment is extremely optimistic and it could be that we are nearing the peak of the sentiment wave, and a phase one Sino-US deal is fully priced,” he said.
“So, the big question for equity investors from this point forward: are they confident enough to back up the truck into stock markets.”
In early trade markets were fluctuating.
