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
preliminary Sino-United States 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 United States 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 United States 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
Yields on benchmark United States 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 high of 109.24
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 United States crude inventories
United States crude was 2 cents lower at $56.33 a barrel, while Brent crude was unchanged at $61.74.