Asian markets rise as weaker yuan eases fear of more tariffs

US said to plan next China tariff wave if Trump-Xi talks fail - report

Bloomberg news reported on Monday that Washington was preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between Trump and his counterpart Xi Jinping fail to ease the trade war. The Nasdaq 100 Index tumbled to the lowest level since May. But market swings have sapped the conviction of the bull market.

The Yuan's value remains a major concern as there are worries that it will lead to slow growth in China with the potential for it to fall even further in the coming months.

Early trading was a reflex reaction as investors bought into last week's weakness, said Craig Fehr, Canadian markets strategist for Edward Jones. "A trade war with China was one of the bigger overhangs".

Corporate results may be key to sustaining the share gains: attention will next turn to earnings from Apple Inc. after the close on Thursday. Microsoft shed 2.9 percent to $103.85. Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25 percent on January 1. Silver fell 1.8 percent to $14.44 an ounce.

"There's a not-so-faint scent of desperation", said Christopher Harvey, head of equity strategy at Wells Fargo.

Market participants also kept their hopes in check regarding trade. Brazilian assets rose after Jair Bolsonaro swept to power. President Donald Trump recently told Agri-Pulse that "you've got to have a little time", referring to when trade relations may return to normal or better status between the United States and China. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed.

More news: Cleveland Cavaliers Tickets Are Going for an Absurdly Low Price

Brazil's Ibovespa Index rose 2.1 percent.

MSCI's gauge of stocks across the globe gained 0.31 per cent. Still, the index is down almost 9 percent for the month. The euro fell to $1.1390 from $1.1412.Tokyo's Nikkei 225 sank 0.2 percent and Seoul's Kospi lost 1.5 percent.

The yield on the 10-year Treasury note rose to 3.08 percent from 3.07 percent.The price of USA crude oil dropped 0.8 percent to $67.04 per barrel in NY while Brent crude, used to price global oils, lost 0.4 percent to $77.34 per barrel in London.Wholesale gasoline added 0.5 percent to $1.82 a gallon and heating oil slid 0.8 percent to $2.28 a gallon. Both were up over 7 percent for the year at the start of October.

The spread of Italy's 10-year bonds over Germany's declined 18 basis points to 2.912 percentage points to the smallest premium in more than three weeks. The contract dropped 55 cents to settle at $67.04 a barrel in NY.

Gold fell 0.1 percent to $1,231.51 an ounce, the biggest fall in a week.

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