Wed, 15 Jul 2020

SYDNEY, Australia - Tokyo and Sydney shares took off on Monday, and while stocks gained in Shanghai and Hong Kong, the gains were only modest.

The threat of the U.S. pulling out of the Phase 1 trade deal with China, entered into earlier this year, and increasing hostility by the U.S. towards China over the origination of the coronavirus, is generating storm clouds over the future outlook of the Chinese economy.

Nonetheless the Shanghgai Composite edged up 4.20 points or 0.15% on Monday to close at 2,817.97.

Hong Kong's Hang Seng gained 22.10 points or 0.10% to 22,952.24.

The big gainer was the Australian All Ordinaries, surprisingly because China is Australia's No. 1 export market and it too is taking on China over the coronavirus. The All Ords added 121.10 points or 2.16% to 5,729.90.

The Nikkei 225 in Japan also rose sharply, gaining 353.49 points or 1.73% to 20,741.15.

On foreign exchange markets the U.S. dollar remained supreme, adding to recent gains.

The euro fell to 1.0888. The British pound dived to 1.2185. The Japanese yen softened to 107.74. The Swiss franc eased to 0.9725.

The Canadian dollar inched down to 1.3978. The Australian dollar fell to 0.6537. The New Zealand dollar was easier at 0.6098.

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