The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
Stocks in Asia edged up on Tuesday as investors watched closely for developments on the U.S.-China trade war following a recent escalation.
Mainland Chinese stocks rose on the day as they led gains in the region, with the Shanghai composite adding 1.35% to around 2,902.19 and the Shenzhen component gaining 1.86% to 9,443.18. The Shenzhen composite advanced 1.867% to about 1,595.82. Hong Kong's Hang Seng index, bucked the overall trend regionally to slip about 0.3%, as of its final hour of trading.
Overall, the MSCI Asia ex-Japan index rose 0.26%.
Investors watched for further developments on the ongoing trade war between Beijing and Washington. U.S. President Donald Trump said Monday that American trade officials received overnight calls from the Chinese saying Beijing was ready to return to the negotiating table.
On the part of the Chinese, however, Foreign Ministry spokesman Geng Shuang said he was unaware that a phone call between the two parties had occurred. That was further backed by Hu Xijin, editor-in-chief at Chinese state-run newspaper The Global Times, who said in a tweet Monday: "Based on what I know, Chinese and US top negotiators didn't hold phone talks in recent days."
Those developments came following a recent intensification in tensions, with both China and the U.S. announcing that new tariffs will be slapped on billions of dollars worth of each others goods.
"President Trump's continued escalation of tensions gives little room for China (or indeed the US) to compromise without losing face, which makes a deal less likely in the near term," Tapas Strickland, an economist at National Australia Bank, wrote in a morning note.
It's "clear" that Trump and his administration still want to get a deal with China, if it "meaningfully addresses some of the concerns" raised surrounding issues such as forced technology transfer and intellectual property theft, Clete Williams, partner at Akin Group, told CNBC's "Squawk Box" on Tuesday.
"That said, I do think you're seeing the president say one thing on Friday, something else today," Williams said. "A lot of folks are trying to understand that, my advice to them is stay calm, don't read into every single comment. If you can't stay calm, bet on volatility because you're gonna see a lot of ups and downs and back and forth between now and when a deal ... is reached."
The Chinese yuan was closely watched on Tuesday, after offshore trading of the currency touched a record low on Monday amid the trade turmoil. It last traded at 7.1750 per dollar.
The official midpoint reference for the onshore yuan by the People's Bank of China was set at 7.0810 against the dollar, a fresh 11-and-a-half year low but still stronger than expected, Reuters reported. The currency last traded at 7.1613.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.956 after seeing an earlier high of 98.054.
The Japanese yen traded at 105.65 against the dollar following a weakening from levels below 105 in the previous session. The Australian dollar changed hands at $0.6749 after rising from levels below $0.672 yesterday.
Oil prices rose in the afternoon of Asian trading hours, with the international benchmark Brent crude futures contract adding 0.26% to $58.85 per barrel and U.S. crude futures gaining 0.24% to $53.77 per barrel.