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Asian Equities Rise as Syria Concern Eases; Trump Considers Rejoining TPP

Asian equities rose in morning trade on Friday
Asian equities rose in morning trade on Friday

Investing.com – Asian equities rose in morning trade on Friday after U.S. president Donald Trump backtracked on his suggestion of an imminent missile attack on Syria.

The attack “could be very soon or not so soon after all,” Trump tweeted, relieving fears of an immediate attack.

Markets were also supported by reports that he is considering to rejoin the Trans-Pacific Partnership (TPP) free-trade deal that he pulled out shortly after taking office. Meanwhile, Trump said on Thursday that China and the U.S. might not levy any new tariffs on each other after all.

Trump cited a speech by Chinese President Xi Jinping at the Boao forum on Monday and said “He (Xi)’s going to get rid of a lot of taxes and tariffs.”

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“Now we’re really negotiating and I think they’re going to treat us really fairly,” Trump said during a White House meeting with Republican governors and lawmakers from farm states. “I think they want to.”

In Asia, reports that Japan’s government would set up a new panel to look into options to mitigate the impact of the upcoming sales tax would have on the economy were in focus. The news came after Prime Minister Shinzo Abe said earlier that the government could consider fiscal spending and other measures to ensure the tax hike does not hurt the economy.

A previous increase in the tax rate in 2014 pushed the economy into recession. The Nikkei 225 rose 0.5% by 9:10PM ET (01:10 GMT).

Elsewhere, the Monetary Authority of Singapore (MAS) tightened monetary policy for the first time in six years on Friday, and acknowledged risks from the U.S.-China trade tensions.

The central bank said it would slightly increase the slope of the Singapore dollar's policy band from the previous zero percent.

"This policy stance is consistent with a modest and gradual appreciation path of the nominal effective exchange rate policy band that will ensure medium-term price stability," the MAS said.

"An escalation of the US-China trade dispute remains possible, and if it occurs, will have significant consequences for global trade," the MAS said.

Down under, Australia’s S&P/ASX 200 gained 0.3%, while Korea’s KOSPI traded 0.6% higher.

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