Asian stocks approach eight-month maximums
On Thursday, Asian stocks kept to an eight-month maximum as traders waited for developments on China-US trade negotiations, with both sides getting closer to making an agreement and also improved risk appetite putting pressure on safe-haven assets, including the Japanese yen.
MSCI's index of Asia-Pacific stocks took a breather after five winning days, which took it to its highest value since August. As for Chinese stocks, they started firm with the blue-chip index heading north by 0.9%. Meanwhile, in Hong Kong, the Hang Seng index turned out to be a bit softer.
In Japan, Nikkei rallied by 0.2% keeping to a one-month maximum.
On Thursday, risk sentiment will be most likely mixed due to the fact market participants digest developments on the trade front against the backdrop of gloomy American economic numbers.
Wednesday’s American data revealed that the services sector activity reached a more than the 19-month minimum in March, while private payrolls ascended less than anticipated, backing the Fed’s move to suspend interest rate lifts in 2019.
Traders are worried about a steep deceleration in economic surge in the first quarter.
The focus is going to remain on the everlasting US-China trade talks as well as the US labour data on Friday.
This week, risk sentiment was backed by media reports, which tout progress in China-US trade negotiations. On Thursday, Bloomberg informed that America wanted to set a 2025 objective for China to meet trade promises.
The plan expects China to purchase more American commodities, in particular, energy products and soybeans, and allow full foreign ownership for American companies operating in China as a binding promise.
Additionally, the Dow went up by 0.15%, while the S&P 500 surged by 0.21% and the Nasdaq tacked on by 0.6%.
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