Asia Stocks Make a Fast Rebound after Trump Claims the U.S.-China Deal is Not Over!

Asia Stocks Make a Fast Rebound after Trump Claims the U.S.-China Deal is Not Over!

Share in Asia Pacific stock markets turned positive in the morning session on Tuesday, June 23, 2020, following an escalating tension between the U.S. and China after White House trade advisor Peter Navarro said in the interview on Monday that U.S.-Beijing trade deal is “over”, but Trump later affirmed that the deal still remains in place.

As of 9:50 local time in Thailand (GMT+7), Nikkei rose 0.84%, ASX 200 soard 0.02%, HSI surged 0.94% and Kospi jumped 0.24%, while SSEC hiked 0.77%.

Overnight, Dow Jones edged higher to close at 26,024.96, a 153.5 points surge or 0.59%, S&P 500 closed 0.65% higher at 3,117.86 and Nasdaq rose 1.1% to 10,056.47

Earlier in the Asia morning session, had shrank about 400 points, but later posted a recovery to a slight gain by 7 points or 0.03% after Peter Navarro clarified that the U.S.-China trade deal is not over, but his statement published by the media earlier had been taken out of context.

“My comments have been taken wildly out of context,” Navarro said in a statement. “They had nothing at all to do with the Phase I trade deal, which continues in place.”

President Donald Trump also tweeted that the existing trade deal remains in place.

“The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!”, Trump said on his Twitter.