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Trump's trade deal optimism lifts Asian stocks

Credit: Reuters Studio
Published on August 27, 2019 - Duration: 01:29s

Trump's trade deal optimism lifts Asian stocks

Asian stocks rose Tuesday after Donald Trump said he expected China to do a deal on trade, but the optimism didn't carry over into European trade.

Julian Satterthwaite reports.

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Trump's trade deal optimism lifts Asian stocks

Trade deal or no trade deal?

On Monday Donald Trump sounded optimistic about China's intentions: (SOUNDBITE) (English) U.S. PRESIDENT, DONALD TRUMP, SAYING: (SOUNDBITE PART OVERLAID ON DIFFERENT ANGLES OF TRUMP SPEAKING/ MEMBERS OF MEDIA / MACRON LISTENING AND U.S FIRST LADY MELANIA TRUMP) "So when you say do you think they want to, maybe they want to and maybe they don't, but I think they want to make a deal.

I'm not sure they have a choice and I don't say that as a threat." Asian investors took note of his comments at the G7 summit in France.

Stocks rose around the region in Tuesday trade.

Shanghai closed higher by over one percent.

Japan's Nikkei was up only slightly less.

The gains helped offset sharp losses after both sides announced new tariffs on Friday.

(SOUNDBITE) (English) U.S. PRESIDENT, DONALD TRUMP, SAYING: (SOUNDBITE PART OVERLAID ON DIFFERENT ANGLES OF TRUMP SPEAKING/ MEMBERS OF MEDIA / MACRON LISTENING AND U.S FIRST LADY MELANIA TRUMP) "So I think they want to make a deal very badly." The picture is still murky though.

China won't confirm Trump's claim that it has offered to restart trade talks.

Traditional safe havens like the Japanese yen and gold also saw gains as a result.

And by the time Europe opened, any optimism had ebbed.

Most key indexes there edged lower from the open.

The FTSE was down over half a percent as traders returned from a public holiday.

Germany's DAX also fell from the open, before rallying.

New numbers out Tuesday adding to the economic gloom there.

The figures confirm its economy contracted on weaker exports in the second quarter.

Italy bucked the downward trend though.

Stocks there gained ground on hopes a new government could soon be formed.

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