Global markets opened in red on cues from U.S. Wall Street but optimism surrounding trade deal boosted major indices and stocks while strong USD in broad market capped gains in Forex market.
Trade talks in Washington between the two biggest economies ended without a deal. Trump has insisted that if a satisfactory deal is not reached, the tariffs will be imposed at the deadline. The China Caixin Manufacturing PMI came in at 48.3 below analyst’s forecasts (49.5) in January the reading was the lowest since early 2016.
As investors await directional cues from US FOMC update and Sino-U.S. trade talks, cautious tone in market has limited upside move but risk appetite seems plenty resulting in major assets taking range bound action with signs of slight positive bias.