Asian stocks boosted by fresh U.S.-China trade hopes
Asian stock markets were mostly higher on Tuesday after the U.S and China indicated progress in trade talks, and as hopes of new coronavirus treatments boosted broader sentiment among global investors.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1% and was trading just below a two-year high.
The upbeat sentiment in Asia on Tuesday followed reports that top U.S. and Chinese officials see progress in resolving concerns around the Phase 1 trade deal reached between the two countries in January.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with Chinese Vice Premier Liu He, the U.S. Treasury said in a statement on Tuesday, during a “regularly scheduled call”.
China’s commerce ministry said in a statement there had been “constructive dialogue”, which followed the U.S. Treasury declaring that “both sides see progress”.
Nikkei briefly recovers to pre-pandemic levels on COVID-19 treatment hopes
Japan’s Nikkei share average on Tuesday briefly recovered to levels before the COVID-19 crisis hammered markets early this year, as sentiment was boosted by treatment hopes, but pared back gains after investors booked profits.
The benchmark Nikkei share average rose 1.35% to 23,296.77, after rising as high as 23,431.04, a level unseen since Feb. 21.
The broader Topix gained 1.13% to 1,625.23. All but three of the 33 sector sub-indexes on the Tokyo exchange traded higher, with airlines, textiles and banking being the three top performers.
China's tech-heavy ChiNext rallies for second day on historic market reform
Shares on China’s tech-heavy ChiNext board rallied for the second trading day on Tuesday as investors cheered the latest reform and relaxation of the bourse’s listing and trading rules.
At the close, the blue-chip CSI300 index was up 0.13%, with its consumer staples sector up 1.85%, while utilities index was down 1.75%. The Shanghai Composite index was down 0.36% at 3,373.58
ChiNext rose 0.63%, while the STAR50 index was down 1.58%. **
European stocks see positive open, tracking global markets higher
European stocks opened higher Tuesday, following upbeat trade in markets in the U.S. and Asia Pacific. The pan-European Stoxx 600 index opened 0.7% higher with all sectors in positive territory.
Stocks in Europe are following the positive trend set in Asia overnight after the S&P 500 on Monday touched another record high on Wall Street, having climbed 1% and closed above 3,400 for the first time. Apple also hit an all-time high, leading other tech names higher, while airline and cruise operator stocks jumped amid enthusiasm on the coronavirus front.
Reference: CNBC
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