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Asian equities rally with China-US trade negotiations in focus
On Friday, Asian equities surged because market sentiment got better on a report that more progress has been achieved in US-China trade negotiations and after British lawmakers decided to postpone a potentially chaotic departure from the European bloc.
However, the prospect of the trade negotiations taking longer than anticipated tamed the cheer. Additionally, there was still no clarity on how close the world’s two leading economies are on making a deal.
On Thursday, Mnuchin told that a summit to seal a trade agreement between the two leading countries won’t occur at the end of March as previously anticipated because more work is required in talks.
MSCI index of Asia-Pacific stocks managed to rally by about 0.5%.
As for the Shanghai Composite Index, it headed north by nearly 1.3%.
Japan's Nikkei went up by 1%, while South Korea's KOSPI went up by 0.9%.
Overnight, global markets drew some relief, with EU equities soaring to a five-month maximum, underpinned by strength in the banking sector right after the UK parliament denied a disorderly Brexit.
However, the S&P 500 went down by 0.1%, snapping a three-day winning marathon, while the Nasdaq dived by 0.2% in the wake of uncertainty as for when a US-China trade agreement would be reached.
Meanwhile, in the Forex market, the UK pound stood still, sticking with $1.3237. On Thursday, the UK pound rebounded 0.75% because traders geared up for UK Prime Minister Theresa May to another try and gain approval for her Brexit agreement.
As for the evergreen buck, it held profits having snapped its four-day losing marathon to a bunch of its six key rivals.
The US currency managed to extend yesterday’s profits, soaring by 0.1% and trading at 111.84 yen.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…