Stocks, dollar rise as Trump, Kim sign ‘comprehensive’ document

SYDNEY: The dollar hovered near 3-week highs yesterday and Asian shares gained as US President Donald Trump and North Korean leader Kim Jong Un signed a ‘comprehensive’ deal at a historic summit aimed at the denuclearisation of the Korean peninsula.

Trump said the process of denuclearisation would happen “very, very quickly”, adding he had formed a ‘ special bond’ with Kim and the relationship with North Korea would be very different.

“The letter that we’re signing is very comprehensive and I think both sides are going to be very impressed with the result,” Trump said after a “real ly very positive” summit meeting in Singapore.

“A lot of goodwill went into this, a lot of work, a lot of preparation.”

Both leaders are set to hold a press conference later.

The dollar rose against the safe- haven yen, while the Korean won pared gains to stay near a recent two-week trough.

Spreadbetters pointed to a firm start for Europe while E- Minis for the S& P 500 also gained 0.1 per cent.

Kim had earl ier said the meeting was “a good prelude to peace”, just months after the two leaders traded insults and tensions spiralled in the region over the reclusive regime’s nuclear programmes.

Yet, there was some unease among investors about the outcome of the talks given the tense relations between the two nations.

The combatants of the 195053 Korean War are technically still at war, as the conflict, in which millions of people died, was concluded only with a truce. — Reuters