Investors are awaiting the release of key tech earnings and a Federal Reserve policy decision (Mohd RASFAN) <\/p>\n
Asian markets were mixed Wednesday as investors kept tabs on China-US developments after they agreed to further talks to extend their trade truce, while eyes were also on tech earnings and a key Federal Reserve meeting.<\/p>\n
After deals were reached with the European Union and Japan over the past week, focus has been on negotiations between Washington and Beijing to extend an agreement to lower eye-watering tariffs that threatened the world’s top economies.<\/p>\n
The two-day meeting in Stockholm ended without a resolution but with the US team voicing optimism they could announce a second 90-day truce.<\/p>\n
Neither side has made public any details, although US Trade Representative Jamieson Greer said President Donald Trump would have the “final call” on any extension.<\/p>\n
Treasury Secretary Scott Bessent called the tone of the talks “very constructive”.<\/p>\n
Chris Weston at Pepperstone said: “Progress on a further extension remains the well-subscribed base case, but Trump\u00a0holds the final call on that, and we note there is still ample time until we reach the deadline of 12 August.<\/p>\n
“For now, the markets are unperturbed by what they hear and have a further impending 90-day extension fully priced.”<\/p>\n
The general feeling is that the moratorium will be extended but there remains some nervousness, with many other countries still to reach agreements ahead of Trump’s August 1 deadline.<\/p>\n
In early Asian trade, Tokyo was flat, while Hong Kong, Singapore and Manila were down and Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta rose.<\/p>\n
Among those countries still to reach a deal are Brazil and India, with the South American giant facing the threat of 50 percent tariffs.<\/p>\n
On Tuesday, the president said New Delhi could face a 20-25 percent rate, adding: “India has been a good friend, but India has charged basically more tariffs than almost any other country.<\/p>\n
“You just can\u2019t do that.”<\/p>\n
Major earnings releases from tech titans Meta and Microsoft are due Wednesday, with Amazon and Apple coming Thursday.<\/p>\n
“It’s been a solid US reporting season so far, but these mega-cap names need to run it hot and blow the lights out, given the bar to please has been sufficiently raised,” Pepperstone’s Weston said.<\/p>\n
As well as the results, focus will be on the firms’ forecasts in light of Trump’s tariffs and their colossal investments in artificial intelligence.<\/p>\n
The Fed is widely expected to stand pat on interest rates Wednesday, but investors will be looking for any hint of a cut in September after recent economic data indicated some softening in the labour market.<\/p>\n
Story Continues <\/p>\n
Oil prices held Tuesday’s gains of more than three percent — their biggest in six weeks, according to Bloomberg News — after Trump reiterated his warning of fresh sanctions on Russia unless it reaches a truce deal with Ukraine.<\/p>\n
– Key figures at around 0230 GMT –<\/p>\n
Tokyo – Nikkei 225: FLAT at 40,682.14 (break)<\/p>\n
Hong Kong – Hang Seng Index: DOWN 0.4 percent at 25,409.75<\/p>\n
Shanghai – Composite: UP 0.4 percent at 3,624.08<\/p>\n
Euro\/dollar: UP at $1.1567 from $1.1554 on Tuesday<\/p>\n
Pound\/dollar: UP at $1.3363 from $1.3357<\/p>\n
Dollar\/yen: DOWN at 148.06 yen from 148.50 yen<\/p>\n
Euro\/pound: UP at 86.55 pence from 86.47 pence<\/p>\n
West Texas Intermediate: UP 0.1 percent at $69.25 per barrel<\/p>\n
Brent North Sea Crude: UP 0.2 percent at $72.68 per barrel<\/p>\n
New York – Dow: DOWN 0.5 percent at 44,632.99 (close)<\/p>\n
London – FTSE 100: UP 0.6 percent at 9,136.32 (close)<\/p>\n
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