The Platinum Asset Management Limited (ASX: PTM) share price climbed 5.7% to $5.55 today and it was among the top climbers on the S&P/ ASX200 (ASX: XJO,) despite not releasing any specific news to the market.
Platinum is an international equities manager with a particular focus on the Asian space and investors are probably bidding the share price higher on the back of increased expectations that the U.S. and China will reach a trade agreement that sees both countries remove tariffs on the import of each other's goods.
As a result of the expectation that the tariff war will be abandoned soon Asian equity indexes in particular have been rebounding higher with large-cap Chinese stocks doing much of the heavy lifting.
Despite today's rise, Platinum shares are still down 14% over the past year after the company recently reported a 27% fall in half year net profit to $74.9 million.
Platinum operates in a competitive space where fee pressure is coming on it and other active equities managers such as Perpetual Limited (ASX: PPT), Macquarie Group Ltd (ASX: MQG) and Magellan Financial Group Ltd (ASX: MFG).
