Asia Pacific markets rose on Tuesday, likely fueled by an improvement in investor sentiment around ongoing negotiations between the United States and China.
Australia's benchmark ASX 200 was up 0.3% at 6,672.20, with the energy subindex adding 0.45% and materials up by 1.05% as major miners gained. Shares of Rio Tinto were up 1.49%, Fortescue gained 2.4% and BHP added 1.17%.
In South Korea, the Kospi index rose 1.16% to 2,088.86 as major chipmakers gained. Samsung shares were up 1.79% and SK Hynix added 2.06%. Hong Kong's Hang Seng Index was up 0.28% in late-afternoon trade.
Chinese mainland shares mostly advanced: The Shanghai composite was up 0.5% at 2,954.38, the Shenzhen composite added 1.01% to 1,631.21 and the Shenzhen component gained 0.93% to 9,642.09.
Japanese markets are closed for a public holiday.
Overall, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.48%.
The session in Asia follows overnight gains on Wall Street where the S&P 500 notched its first close above 3,000 since Sept. 18.
"Fuelling the positive mood music have been comments from President (Donald) Trump's chief economic adviser Larry Kudlow saying that while down to Trump, he sees the possibility of taking off the threatened December tariff increases, as China requested, if the trade talks go well," Ray Attrill, head of foreign-exchange strategy at the National Australia Bank, wrote in a morning note.
Kudlow made his comments on Fox Business Network. At the same time, Commerce Secretary Wilbur Ross also told Fox Business that it was more important for the two sides to have a "proper deal" instead of an exact date when it gets signed.
Trump and Chinese President Xi Jinping are set to participate in the Asia-Pacific Economic Cooperation meetings in Chile during mid-November, where many are anticipating a partial trade deal to be signed between the two countries.
Elsewhere, U.K. Prime Minister Boris Johnson was prevented from holding an important vote on the Brexit withdrawal deal he recently agreed with Brussels. His move to hold that vote on Monday was rejected by House Speaker John Bercow as it was not parliamentary convention to repeatedly ask the same questions to politicians.
"This decision means that in order to get a deal the government will have to try to pass the full Withdrawal Agreement Bill," analysts at ANZ Research wrote in a note, adding the legislation will now be introduced in the lower house of parliament for a vote before it makes its way to the upper house.
Johnson has also grudgingly asked for an extension to the deadline for the U.K.'s departure from the European Union, but EU leaders don't necessarily have to accept it.
The British pound wavered near the $1.30 level, trading around $1.2962 on Tuesday afternoon Asia time.
The U.S. dollar index, which measures the greenback against a basket of its peers, last traded at 97.323, gaining from an earlier low of 97.261. The Japanese yen changed hands at 108.56 per dollar, strengthening slightly from levels near 108.72, while the Australian dollar traded at $0.6874, up from $0.6860.
Oil prices dipped in the afternoon during Asian hours: U.S. crude traded down 0.19% at $53.21 per barrel while global benchmark Brent declined 0.14% to $58.88.
US stocks and the British pound turned south after UK parliament voted in favour of Boris Johnson’s deal to withdraw Great Britain from the EU but subsequently voted against an accelerated timetable for Brexit.
The S&P 500 ended 0.4 per cent lower, having been up as much as 0.3 per cent earlier in the day. The Nasdaq Composite shed 0.7 per cent, while the Dow Jones Industrial Average dropped 0.2 per cent.
The pound, which had been firmer during the European session, took a leg lower after UK parliament, in the second vote of the day, derailed Mr Johnson’s attempt to take Britain out of the EU on October 31.
The pound was down 0.5 per cent against the dollar in late New York trading having touched a five-month high in the previous session after the risk of a no-deal Brexit dissipated.
In Europe, the broad Stoxx 600 and Germany’s Dax both finished about 0.1 per cent higher before the UK’s votes, while France’s Cac 40 added 0.2 per cent. The UK’s FTSE 100 was up 0.7 per cent as investors held out hope for progress on Brexit.
Helping buoy sentiment earlier in the day, particularly in Asia, were comments from US President Donald Trump, who said on Monday the trade deal with China was “coming along very well”. Le Yucheng, China’s vice foreign minister said on Tuesday that some progress had been made, Reuters reported.
With scant economic data to drive the market in either direction, Hong Kong’s Hang Seng index was up 0.2 per cent, while in mainland China the CSI 300 of Shanghai- and Shenzhen-listed names climbed 0.4 per cent. South Korea’s Kospi was up 1.2 per cent boosted by a 1.4 per cent rise for technology shares. Australia’s S&P/ASX 200 gained 0.3 per cent as miners rose. Japanese markets were closed for the enthronement ceremony of the country’s new emperor.Snapshot Level +/- % Dollar index 97.477 0.2 EUR/USD $1.1130 -0.2 GBP/USD $1.2893 -0.5 USD/JPY ¥108.46 -0.1 USD/CNY Rmb7.0788 0.1 Brent crude $59.66 1.2
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SINGAPORE, Oct. 23, 2019 /PRNewswire/ -- RS Components (RS), the trading brand of Electrocomponents plc (ECM.L), the global ecommerce distributor for engineers, has successfully opened at ITAP 2019 known as Industrial Transformation Asia Pacific, with an exciting session featuring a stellar range of products, parts and components across the design, produce and maintain cycles, together with our partners and clients ABB and Phoenix Contact.
RS Components at ITAP2019More
Mr. Syed Suroor Anwar, Vice President of Asia Pacific, Strategy and Business Development says: "The turnout for ITAP 2019 has been rewarding. It allowed RS Components to feature our products and our high service capabilities and allowed our customers to experience and understand the products, services & solutions.
It gave us confidence that our current and future clients will be able to see RS Components as a one stop full solutions provider for engineers and buyers, meeting their requirements across the design, production and maintain life cycles while saving our customers valuable time and money. Our strategy will generate more partnerships, as attendees have given useful input related to present and combined quantitative analytics and case studies."
Apart from being the world's leading product offer with more than 650000 SKU's from 2500 global suppliers served from a global network of warehouses with a world's leading ecommerce platform, RS also offers a range of value-added services that offers customers the ability to reduce costs, improve efficiency and get the latest and market leading solutions.
DesignSpark is RS Components' free online design community and resource centre for makers, students and design engineers sharing content ranging from designs & prototypes to final products. The sign-ups for DesignSpark have also been successful with many prizes to be won with a spin of the wheel, games and quizzes. New and current users can sign up to DesignSpark and enjoy an exclusive 10% discount on RS PRO products with promo code ITP10 and available for a special period only.
RS also offers an eProcurement platform which is key in Industry 4.0 support and assists with clients' sourcing costs, consolidate users purchasing processes and saves time for the users.
Product Plus solution helps consolidating users' supplier database for long tail requirements, leverages spend, speeds up sourcing, tightens purchasing controls and sources all the products that our clients need via RS Components in build catalogue functions.
All together resulting in reducing total costs of ownership and most importantly let our clients focus on what matters for them.
Mr. Syed Suroor Anwar, Vice President of Asia Pacific, Strategy and Business Development for RS Components says: "With Industrial Transformation 2019, it is with utmost importance to consistently engage current clients and potential users with our latest products and solutions by harnessing RS Components' digital expertise, data and insights while taking advantage of the challenging market dynamics and new opportunities for growth."
Case studies are important in regards to applications of RS Components and solutions, for example the case of "Cutting the MRO costs of a confectionary giant".
RS has helped a leading confectionery manufacturer achieve significant cost savings in the indirect procurement process through its Purchasing Manager™ system.
The challenge: An example of how RS has been able to help a customer take better control of its process costs is our work with a well-known confectionery manufacturer, a market leader within its category with a turnover in excess of GBP100 million.
RS found that the simplest way to remove many of the issues (and additional cost) in the process was to introduce PurchasingManager™ to the customer.
PurchasingManager™ is a web-based order management system used alongside the RS website. Buyers can create account structures across their organisation, assign spend controls, cost centres and approval limits to help manage all RS Online purchasing.
The system allows the end user, usually an engineer, to go onto the RS website, choose the product they need, order it and see when the delivery will be made. Behind the scenes a confirmation request is sent to a senior colleague who can quickly approve the cost and the order is processed.
PurchasingManager™ addressed the authorisation process and became the only authorisation required to approve an order from RS. Once an order is approved, it is sent directly to RS without procurement being involved. The confectionery customer was able to use a single monthly blanket order rather than individual POs, meaning that the only PO processing now takes place at the end of the month.
The customer now has a simplified workflow with empowered end users, which has significantly reduced processing costs, enabling all functions involved in the indirect purchasing process to focus on value added activities in their respective roles.
The entire purchasing process has been greatly speeded up, more employees are ordering from trusted suppliers (rather than using local or online purchases), which improves contract compliance, and parts are being successfully delivered when engineers want them, which means there is far less downtime.
The result is that the customer has gone from an inefficient, costly process with duplication of tasks and a lack of clarity to becoming highly efficient with real transparency throughout the purchase-to-pay process.
For more information please find at:www.rs-online.com
DesignSparkhttps://www.rs-online.com/designspark/homeDS FREE Softwarehttps://www.rs-online.com/designspark/our-softwareThe DesignSpark Toolbox App is available to download now from:App Store (iOS): https://itunes.apple.com/app/rs-toolbox/id747957895?ls=1&mt=8Google Play (Android): https://play.google.com/store/apps/details?id=de.roskosch.rstbMicrosoft Store (Windows): https://www.microsoft.com/store/apps/9WZDNCRCS18T
About RS ComponentsRS Components and Allied Electronics & Automation are the trading brands of Electrocomponents plc, the global distributor for engineers. We offer more than 500,000 industrial and electronic products, sourced from 2,500 leading suppliers, and provide a wide range of value-added services to over one million customers. With operations in 32 countries, we trade through multiple channels and ship around 50,000 parcels a day.For more information, please visit the website at www.rs-online.com
OUR TRUSTED BRANDS
RS Components - The leading multi-channel industrial and electronics provider across EMEA and APAC as well as electronics in the Americas.
Allied Electronics & Automation - A leading multi-channel industrial provider in the Americas with a focus on automation and control (A&C).
IESA - IESA provides outsourced procurement, inventory and stores management services, in addition to transactional processing services (P2P).
RS PRO - Our own-brand range of more than 58,000 high-quality, competitively priced industrial products and electronic components.
DesignSpark - Our online design community and resource centre for makers, students and design engineers.
Further information is available via these links:RS Components Singaporehttp://sg.rs-online.comRS Components on LinkedInhttp://www.linkedin.com/company/rs-componentsRS Components on Facebook @RSComponentsRS Components on Twitter @RSComponentsRS Components on YouTubehttps://www.youtube.com/channel/UCZ6UzLdlJ8cLRcn5ooclCtA
Relevant Links:Electrocomponents plcwww.electrocomponents.comDesignSparkhttp://www.designspark.com
For enquiries please reach:Minradee WongwanichpokhinSEA Digital Business Specialist, RS ComponentsMinradee.Wongwanichpokhin@rs-components.com
Sharon Vu / Markus FlammanDirectors and Senior ConsultantsVu Marcoms, Engagevusharonvu@engagevusg.com Mobile: (65) 8138 6913
Photo - https://photos.prnasia.com/prnh/20191018/2615305-1