Asian stocks and oil markets make modest gains as trade tensions continue to weigh on investors' minds
A passerby walks past in front of an electric screen showing Asian market indices outside a brokerage in Tokyo, Japan, May 10, 2019.
US President Donald Trump said some progress -- but not enough -- had been made in Wednesday's talks with Mexico on averting the tariffs he intends to impose next week unless the flow of undocumented migrants into the US is stopped.Coming on the heels of the US-China trade war, Trump's threats against Mexico have intensified fears for the global economy, hurting oil prices and lowering overall growth forecasts.
"Oil prices remain under pressure, dragged down by an unexpected gain in US inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies," said Dean Popplewell, Vice President of Market Analysis at OANDA. Hong Kong inched up 0.2 percent while Tokyo rose 0.3 percent. Seoul eked out gains of 0.1 percent but Singapore was flat and Shanghai lost 0.5 percent.There are hopes that Trump and Chinese President Xi Jinping will meet at the G20 summit in Japan this month to jump-start stalled tariff negotiations.
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