Asian markets traded higher today, after Friday’s US payrolls report shored up risk appetite, after pushing back speculation of a faster Fed tightening cycle. Hang Seng leads Chinese markets, with banks adding most. The formal removal of presidential term limits had a muted reaction, as the Communist Party had already announced it last week. In Japan, Abe has been under fire over allegations of cronyism; however, the markets hardly reacted to it. Nikkei is off highs, as the yen pares its losses against the dollar.
The yen recouped some of the losses made on Friday, when investors flocked to riskier currencies like the kiwi, Aussie and Canadian dollar. US Treasuries have been trading weaker, following the improvement in risk appetite. Most commodities reacted positively to the news of steady US economic growth and restrained inflation.
The markets now seem to believe that the proposed tariffs will not affect markets as much as it was expected to, and that the concessions and exemptions should prevent a trade war. Many analysts have suggested that the tariffs are posturing to put the US in a stronger position during NAFTA re-negotiations. At the same time, markets have been reacting positively to a proposed meeting between Trump and Kim Jong Un, although the chances for failure remain high.
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