Asia Pacific markets trade lower; gold prices soar after $2 trillion Europe stimulus package
Stocks in Asia Pacific declined in early trade. Gold prices soared to a nine-year high, while the dollar weakened after European Union leaders reached an unprecedented $2 trillion stimulus package.
Japan’s Nikkei 225′s lost 0.25%, while the Topix edged down 0.10%.
Shares in Australia also traded lower, with the S&P/ASX 200 down 0.67%. Australia is expected to report its retail sales for June in the morning.
Over in South Korea, the Kospi was flat in early trade.
Investor sentiment was boosted after the 27 European Union governments reached a breakthrough agreement over new fiscal stimulus, following marathon talks in Brussels that lasted four days.
In addition to the recovery fund, the EU said its next budget, which will fund initiatives between 2021 and 2027, will total 1.074 trillion euros. The two combined bring upcoming investments to the level of 1.824 trillion euros.
Reference: CNBC
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