Asia Pacific share market mostly higher on Monday, 04 November 2019, as risk sentiments underpinned on following last week's gains on Wall Street amid optimism on the U.S.-China trade truce front as well as news of a potential reprieve for Huawei..
Investors watch for developments on the U.S.-China trade front amid recent positive developments. U.S. Commerce Secretary Wilbur Ross said on Sunday that U.S.-China trade deal expected to be signed between U.S. President Donald Trump and Chinese President Xi Jinping. Ross said the agreement could be reached by the two leaders in one of several locations, including Iowa, Alaska, Hawaii or somewhere in China.
The deal was originally anticipated to be inked at this month's Asia-Pacific Economic Cooperation summit in Chile, an event that has since been canceled due to protests in the country. Last month, the U.S. and China agreed to finalize the first phase of a trade agreement, which includes a pause in tariff escalation and China buying U.S. agriculture products.
US Commerce Secretary Wilbur Ross also told on Sunday that licenses allowing US companies to sell to Huawei "will be forthcoming very shortly." He said his office has received 260 requests for licenses. That reprieve would have an immediate effect on American companies restricted from supplying to Huawei, but global supply chains would also get a lift if the Chinese tech company were to ramp up production.
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