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Home / Business / Asia equals Wall Street growth, while the US meeting with the EU keeps trade focused

Asia equals Wall Street growth, while the US meeting with the EU keeps trade focused



TOKYO (Reuters) – Asian equities were higher on Wednesday, helped by strong Wall Street gains, and hope Chinese spending will boost growth, but tensions in the trade remain ahead of a meeting between the US and US presidents focus on the European Commission.

FILE PHOTO: A visitor is seen as the market prices in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, 6 February 201

8 reflect. REUTERS / Toru Hanai / File Photo

MSCI's largest index of Asia-Pacific equities outside Japan .MIAPJ0000PUS gained 0.2 percent.

The index extended yesterday's gains after China announced that it would pursue a more aggressive fiscal policy to mitigate the effects of external uncertainty.

The Shanghai Composite Index .SSEC has changed little after a one-month high. To this day, it is about 3 percent this week. Hong Kong's Hang Seng .HSI climbed 0.6 percent.

South Korea's KOSPI .KS11 lost 0.15 percent and Japan's Nikkei .N225 rose 0.5 percent.

Overnight on Wall Street, the S & P 500 .SPX closed at its highest level since February 1, as the blush-out results of Alphabet ( GOOGL.O ) exceeded expectations strengthened a robust earnings season. [.N]

"Profits from US equities provide equity support and China's stimulus plan, corporate earnings will continue to rise and these will be a major focus for the markets, which also need to keep an eye on trade developments," said Soichiro Monji, Senior Economist at Daiwa SB Investments in Tokyo.

In the trade area, talks between US President Donald Trump and European Commission President Jean-Claude Juncker took center stage on Wednesday, with trade issues likely to dominate.

In the currency markets, the dollar index barely changed against a basket of six major currencies .DXY at 94,568, after rising from a two-week low of 94,207. [10659004] The 10-year US Treasury yield US10YT = RR stood at 2.943 percent after rising to a six-week high of 2.973 percent overnight.

Yields rose this week on speculation that the Bank of Japan was closer to easing its aggressive monetary stimulus, after it was reported last week that the central bank was conducting initial talks about possible changes in its monetary policy.

The euro climbed 0.05 percent to 1.1888, while the dollar gained 0.05 percent to 111.26 yen. JPY =.

The pound rose 0.05 percent to £ 1,3151 = D3, based on previous day's gains on news that British Prime Minister Theresa May would be negotiating the country's exit from the European Union.

The decline in the Chinese yuan seems to have stopped for the time being, with the currency tightening at 6,797 per dollar CNY = CFXS. He retreated from a 13-month low of 6.829 and sat the previous day on the expectation that monetary conditions could ease further.

The Australian dollar fell 0.1 percent to $ 0.7411 = D3, after gaining 0.5 percent on Tuesday as hope for China's stimulus raised currency.

The Turkish lira TRYTOM = D3 was on the defensive after the country's central bank unexpectedly put interest rates on hold on Tuesday.

The central bank's decision took center stage as investors became concerned about the lack of independence of Turkish President Tayyip Erdogan. The president wants lower borrowing costs to stimulate economic growth, even though the central bank should tackle inflationary pressures.

The South African rand ZAR = D3, on the other hand, was up after more than 1 percent on Tuesday after China invested $ 14.7 billion in the local economy.

Copper on the London Metal Exchange (LME) traded at $ 6,270.50 per ton CMCU3, after rising 2.7% overnight to a two-week high of $ 6,328.00.

Iron ore at the Dalian Commodity Exchange DCIOcv1 reached a two-month high of 479.5 yuan per ton.

Brent crude oil futures LCOc1 rose 0.67 percent to $ 73.92 a barrel, adding to yesterday's gains as the focus of the market shifted from concerns over oversupply to the potential for increased demand [19659023] Editorial Staff of Shri Navaratnam and Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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