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Trade Optimism Meet Reality of Disappointing PMI
A new tariff truce between the US and China, coupled with the North Korean diplomacy and Russia-Saudi tentative agreement boosted investor confidence and sharp equity rallies. Japanese and Chinese equities rallied 2-3%. Most markets rallied in Asia-Pacific except for South Korea's Kospi and Hong Kong markets were closed as the handover was commemorated. Europe's Dow Jones Stoxx 600 was nearly 1% higher and at its best level in almost two months. The US S&P 500 is poised to gap higher to a new record high. Benchmark 10-year bond yields are mostly firmer, as Asia Pacific bonds were dragged higher by pre-weekend ... (full story)
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