SHANGHAI - Asian shares clawed back some of last week’s losses as investors cheered apparent election wins for conservative incumbents in Australia and India, while broader global trade worries eased after Washington offered to lift some tariffs in North America.
However, the rally looks unlikely to extend to Europe. In early European trades, pan-region Euro Stoxx 50 futures were down 0.21% at 3,393, German DAX futures slipped 0.16% to 12,227, FTSE futures were 0.01% lower at 7,334.5, and France’s CAC 40 futures lost 0.2% to 5,361.5. The U.S. announced on Friday that it would remove tariffs on Canadian steel and aluminum, prompting Canada’s foreign minister to vow the quick ratification of a new North American trade agreement.
The repercussions of that move were evident as Alphabet Inc’s Google suspended business with Huawei that requires the transfer of hardware, software and technical services except those publicly available via open source licensing. But it was comments from Saudi Arabia’s energy minister that had the most immediate effect on crude prices on Monday.
In currency markets, China’s offshore yuan rebounded after touching its weakest against the dollar since November on Friday. It was last trading at 6.9390 per dollar.
Compromises are necessary among countries as Australia and China. The🌎economy is fragile. The US trade war, with China, if continue will be responsible for the🌎economic recession.
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