Asian stocks surge after Donald Trump delays tariffs against China

Traders work on the floor at the New York Stock Exchange in New York, the US, on August 13 2019. Picture: REUTERS/EDUARDO MUNOZAsian stocks joined a global equities surge on Wednesday after Washington delayed tariffs on some Chinese imports and gave much-needed relief for markets gripped by political and economic turmoil.

Uncertainty around political risks such as the unrest in Hong Kong also continue to keep investors on edge. The S&P 500 advanced to a record high at the end of July, but it has lost momentum due to factors including US-China trade angst. The index rose 1.5% on Tuesday, but is still down 1.8% in August.

“President Trump did delay the tariffs and while this is positive for equities, the markets will remain wary of the tariffs still being implemented come December,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. In currencies, the safe-haven yen advanced 0.45% to 106.260/$ as market participants took a sceptical view of Trump’s decision to delay tariffs on some Chinese goods.

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