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Asian equities rise as North Korea tensions face new sanctions phase
On Tuesday, Asian equities managed to gain because market participants monitored the Korean peninsula for probable reaction by Pyongyang to newly-imposed UN economic sanctions.
The Nikkei 225 rallied 1.05%, the Kospi in South Korea reported 0.12% jump. Additionally, in Australia, the S&P/ASX 200 rallied 0.72%. As for the Shanghai Composite, it soared 0.07%.
The fresh UN sanctions on crude exports to North Korea happen to be relatively moderate especially compared with the authentic US proposal as for crude exports. So it can hardly affect the operations of the North Korean military, as some experts state.
Overnight, American equities concluded steeply higher because the fallout from Hurricane Irma didn’t happen to be as terrible as anticipated after on Monday Irma was downgraded to a tropical storm, while relieving geopolitical uncertainty on the Korean peninsula backed market sentiment.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.