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Asian markets ascend on Wall Street gains
On Tuesday, Asian markets rallied during the morning trading session because American equities concluded the session up having slumped early on trade worries.
The Dow Jones Industrial Average managed to ascend 0.15% overnight, the S&P 500 gained 0.31%, while the Nasdaq composite tacked on by 0.76%.
Market participants will probably keep closely watching developments on the trade front because America is geared to imposing a 25% duty on $34 billion worth of goods from China before the July 6 deadline. Meanwhile, China has told that it would respond with tariffs on the same value of American goods.
The Shanghai Composite as well as the Shenzhen Component started respectively 0.2% and 0.1% higher. The Hang Seng Index inched down by 3.0% in Hong Kong having returned from a Monday public holiday.
As some Chinese sources pointed out, the recent sell-off in mainland stock markets turned out to be an irrational overreaction. The sources asked market participants not the panic over soaring trade tensions between the United States and China.
The sources added that those trade clashes between the United States of America and China appear to be a must-have test the Chinese economy had to face sooner or later during its ascend.
At the same time, China Mobile told that the current American presidential administration refused to allow the government-owned telecommunications firm to enter the American market.
A number of market experts pointed out that the worsening integration of the global telecommunications market has generated a number of vulnerabilities and risks in a sector stuffed with a wide array of dirty deeds.
In addition to this, Japan’s Nikkei 225 as well as South Korea’s KOSPI managed to add 0.2% during the morning trading session.
Besides this, Australia’s S&P/ASX 200 tacked on by up to 0.4%.
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.