Asian stocks rally as weaker yuan eases fear of more tariffs

Donald Trump Xi Jinping

Bloomberg earlier reported that the USA will likely announce tariffs on all remaining Chinese imports by early December if talks between Trump and his Chinese counterpart Xi Jinping fail.

The potential for more tariffs could further rattle a stock market that is already wobbling.

A person familiar with the U.S. administration's tariff deliberations told Reuters news agency there could soon be movement towards a new round of tariffs, adding that "the wheels are turning" in that direction. They've been taken out an average of USD500 billion a year for many years. There have been no trade talks between the countries since August, when the US imposed the latest round of tariffs.

Stocks erased gains partly on concern about an escalating trade war between the world's two largest economies.

ASIA'S DAY: Japan's Nikkei 225 index jumped 1.5 percent to 21,457.29 after official data showed that the unemployment rate eased to 2.3 percent in September, from 2.4 percent a month earlier.

His remarks came a day after Chinese Assistant Foreign Minister Zhang Hanhui underscored that Beijing is not ready to minimize its trade with the United States despite the ongoing trade conflict between the two countries. On Monday, Trump repeated his assertion that China was not "not ready" to strike a deal to bring an end to the costly dispute.

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Bloomberg reported early Monday morning that the U.S.is preparing to announce tariffs on all remaining Chinese imports by early December, which could possibly amount to $257 billion in new levies based on last year's import figures, if Trump and Xi fail to reach an agreement.

The Standard & Poor's 500 index has dropped 9.4% in October and is on track for its biggest monthly loss since February 2009 - right before the market hit its lowest point during the 2008-09 financial crisis.

The S&P 500 Index fell 0.7 percent at 4 p.m. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed. Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25 percent on January 1. Any reminders of that just leads to more pessimism.

ENERGY: Benchmark U.S. crude added 6 cents to $67.10 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price worldwide oils, lost 19 cents to $77.18 per barrel. The euro fell to $1.1354 from $1.1372.

Bond prices slipped. The yield on the 10-year Treasury note rose to 3.08% from 3.07%.

CURRENCIES: The dollar strengthened to 112.95 yen from 112.37 yen late Monday.

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