Asian equities hit four-month maximum on US-China trade deal expectations

Asian equities hit four-month maximum on US-China trade deal expectations

On Wednesday, Asian equities rallied to a more than four-month maximum underpinned by hopes that China and America might be able to come to a compromise, thus resolving their long lasting trading conflict.

MSCI's index of Asia-Pacific equities managed to jump by 0.5% reaching its highest value since early October.

In Japan, Nikkei average ascended by 1.3% marking an eight-week maximum, while South Korea's KOSPI inched up by 0.5%.

The Chinese benchmark Shanghai Composite as well as the blue-chip CSI 300 tacked on by respectively 0.4% and 0.6%. The Hang Seng jumped by 0.6% in Hong Kong.  Asia was influenced by Wall Street, where the Nasdaq and Dow each gained 1.5% overnight on expectations over US-China trade talks as well as an American congressional spending deal to prevent another government shutdown.

On Tuesday, American leader told he could consider letting the March 1 deadline for making a trade deal with the world’s number two economy slide a bit if the two sides were close to a complete agreement.

US and Chinese statesmen had expressed hopes that another round of negotiations that burst out this week would bring them closer to soothing their seven-month trade conflict.

The Cboe Volatility Index headed south to 14.95, which appears to be its lowest value for more than four months.

The 10-year American Treasury note gains extended an overnight leap and soared to a near one-week maximum of 2.694%.

The USD index kept to 96.697 after its eight-day winning marathon stopped overnight, rebounding from a two-month maximum.

The common currency rallied to $1.1333 having soared by 0.5% yesterday when it rebounded from a three-month minimum of $1.1258.

The evergreen buck was intact versus Japan’s currency sticking with 110.57 yen.

American crude futures ascended by 1% hitting $53.64 a barrel.


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