INSUBCONTINENT EXCLUSIVE:
SYDNEY: Asian shares managed to cling near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a
trade deal left investors frustrated at the lack of concrete progress.
MSCI's broadest index of Asia-Pacific shares outside Japan eased a
slight 0.1%, just off a six-month high hit earlier in the week.
Japan's Nikkei dithered either side of flat in quiet trade, having touched a
13-month top on Wednesday
South Korean stocks were up 0.1% after hitting their highest since May.
Shanghai blue chips added 0.3%, while E-Mini futures for the S-P 500
were down a touch.
Reuters reported on Wednesday a meeting between U.S
President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be delayed until December as discussions
continue over terms and venue.
Among various suggestions was to sign a deal after a scheduled NATO meeting in early December.
"One could
take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be
thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank.
"But markets have understandably jumped the other way,
exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some
increase in US agricultural purchases, can be agreed by way of an initial deal."
Wall Street was underwhelmed by the news and the Dow ended
Wednesday all but flat, while the S-P 500 gained 0.07% and the Nasdaq dropped 0.29%.
HP Inc rose over 6% after Reuters reported U.S
printer maker Xerox Holdings Corp has made a roughly $33 billion cash-and-stock offer for the computer group.
The pause in the risk rally
helped bonds recoup a little of their recent losses
10-year notes fell back to 1.81% from a two-month top of 1.87%.
That in turn restrained the dollar, which eased to 108.77 yen from a weekly
The dollar was steady on a basket of currencies at 97.965 .
The euro was struggling to sustain any bounce at $1.1064 , perilously close to
chart support at $1.1060.
Spot gold was little changed at $1,490.64 per ounce and well within recent tight trading ranges.
Oil prices nursed
losses after taking a hit from a surprisingly large build in U.S
crude was 2 cents lower at $56.33 a barrel, while Brent crude was unchanged at $61.74.