Asian equities are backed by China-US trade expectations
On Thursday, Asian equities rallied, underpinned by a leap in Chinese shares on signs that China and America might be taking steps to clarify their long-lasting trade clash, while crude prices resumed their dive on fears of oversupply.
Britain's FTSE stood still. The DAX lost 0.25% in Germany. The CAC declined by 0.2% in France.
American government sources told that China had come up with a response to American demands for trade reform, although the Asian country didn’t provide any further details, backing expectations that the two countries could resume talks to end their trade conflict.
American crude futures CLc1 went down by 0.3% hitting $56.08 a barrel following a moderate bounce overnight, which followed 12 losing trading marathons in a row. As for Brent futures, they dived by 0.1% coming up with an outcome of $66.04.
MSCI's index of Asia-Pacific equities MIAPJ0000PUS rallied by up to 0.7%. Yesterday the index had sunk due to the fact the abrupt dive in crude prices increased anxiety as for the outlook for broad demand as well as global surge.
In addition to this, Shanghai Composite Index inched up by 0.9%. The Hang Seng index surged by 0.8% in Hong Kong.
Market participants have generally appreciated news China and America have resumed informal talks ahead of a gathering between the countries’ leaders Donald Trump and Xi Jinping this month. Some market experts expect a trade pact at that gathering, although hopes are soaring that they might agree on a de-escalation, although the two sides pursue more detailed negotiations.
Apart from that, Australian stocks AXJO managed to ascend by 0.05%, while Japan's Nikkei lost 0.2%.
The UK currency tacked on by 0.2% being worth $1.3010.
As for the common currency, it managed to soar by 0.2% trading at $1.1334.
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Market updates on June 18
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.