Stocks in Asia looked set to gain after U.S. equities rose

The International summit where Trump and Xi were planning to sign a trade deal has been suddenly canceled. The cancellation was due to protests, according to Chilean President Sebastian Pinera. Trump and Xi were scheduled to meet at the APEC summit to discuss a possible “phase one” deal that the two countries are close to finalizing. (CNBC)

Stocks in Asia looked set to gain after U.S. equities rose to a fresh record high following the Federal Reserve’s decision to cut interest rates and indicate it is unlikely to move in either direction any time soon. Treasuries gained and the S&P 500 turned higher when Powell said rate hikes won’t occur as long as inflation remains persistently cool. The offshore yuan climbed. (Bloomberg)

The U.S. Justice Department has struck a deal with fugitive financier Jho Low to recoup almost a billion dollars looted from Malaysian investment fund 1MDB, in what would be the biggest recovery from a decade-old anti-corruption crackdown. The 1MDB global corruption scandal has toppled a government, ensnared Goldman Sachs and set off investigations across the globe. The deal, if approved by a federal judge, would help resolve forfeiture cases tied to Low, who prosecutors say orchestrated the theft of more than $4 billion from 1MDB that ended up paying for a private jet, a superyacht, mansions, diamonds, and even Hollywood movie productions. (Bloomberg)

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