It is a top down day as word out of Washington sparked a global rally. The day was already off to a good start following Pres. Trump’s tweet regarding his “good conversation” with Chinese Pres. Xi. Then the markets made sharp gains in response to a report Pres. Trump has asked his cabinet to draft a possible Chinese trade deal. This will be presented and discussed at the the G-20 meeting in Argentina at the end of the month. Another positive is the U.S. has granted 8 nation’s exemptions to the Iranian oil sanctions to be imposed on Nov. 5th. Those nation’s include Japan, India and S. Korea.
Asia had solid gains with the Greater Chinese markets leading the way. Australia lagged following a miss with retail sales and the energy sector weighing upon the ASX200. All the major sectors ended the day in the green. Telcos advanced more than 4% with health care higher by c. 3%. Most of the rest gained more than 2%. Within travel names, Chinese airlines ascended thanks to a stronger yuan and lower crude prices.