Trump: India Trade Deal Close, Asia Stocks Advance on US Government Shutdown Hopes

Asian stocks advanced for a second consecutive day as progress toward ending the record-long US government shutdown lifted sentiment, sparking a cross-asset rally from commodities to cryptocurrencies.

President Donald Trump said he "at some point" would reduce the tariff rate on Indian goods, saying the US was getting "pretty close" to a trade deal with New Delhi."Right now they don't love me, but they'll love us again," Trump said. "We're getting a fair deal." Trump later predicted the nations were "pretty close to doing a deal that's good for everybody." The comments were the latest signal of a possible thaw in the trade dispute that has soured the relationship between the US and India. We heard from Kurt Campbell, Chairman and Co-Founder of The Asia Group. He spoke to Bloomberg's Paul Allen at the UBS Australasia Summit.

In the states - Wall Street traders piled into riskier corners of the market, with stocks climbing alongside Bitcoin as the US Senate advanced a plan to end the longest-ever government shutdown, which would remove a significant economic headwind. Bonds lost steam. The risk-on bid lifted the S&P 500 by 1.5%. Technology megacaps, which had been hit the hardest in recent sessions, saw their biggest advance since May. We spoke to Chuck Cumello, President & Chief Executive Officer of Essex Financial.

 

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