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Home / Business / Asian stocks reach new seven-month highs; Close supply raises oil from Reuters

Asian stocks reach new seven-month highs; Close supply raises oil from Reuters




© Reuters. FILE FILE: The man is seen in front of an electronic board with stock information on the first trading day of the year of the pig in a brokerage house in Hangzhou

. By Andrew Galbraith

SHANGHAI (Reuters) – Asian stocks rose Wednesday saw new seven-month highs as investors acclaimed signs of progress in trade talks between the US and China and buoyant economic data while the oil price plunged Brand approached $ 70 a barrel.

European equities were seen to be leading Asia's London futures up 0.1

percent and Frankfurt's 0.7 percent jump. [MSCI-wideindexforAsiaPacificequitiesoutsideJapanrose08percentonWednesdayafternooninAsiahavingreacheditshighestlevelsincetheendofAugust

The index has risen further more than 3 percent since Thursday after reports of progress in trade talks between the United States and China as well as confirmation of data on factory activities from China and the US

had also occurred raised the MSCI Global Equity Index to a six-month high. The global index rose more than 0.2 percent on Wednesday.

Hopes for a conclusion to the trade war between the two largest economies in the world were weakened by recent statements by White House economic adviser Larry Kudlow that Washington would make further progress "in talks this week.

Analysts to point to a clear catalyst for the broader stock rally

"I believe markets sometimes have a tendency to be positive unless they are repeated, not just with bad news, but rather Also with new bad news, "said Rob Carnell, chief economist and head of Asia-Pacific research at ING in Singapore.

Perhaps the absence of new negatives will be enough to allow a low sense of positivity," he said.

Australian equities rose 0.7 percent and the Japanese stock index rose 1 percent. Chinese blue chips were 0.5 percent higher after a cautious start, while Hong Kong gained 0.9 percent. On Tuesday, the value fell by 0.3 percent to 26,179.13 points, the value remained flat and the increase by 0.25 percent to 7,848.69.

It's no surprise that the risk rally has stalled a bit, "said McKenna Macro strategist Greg McKenna in a morning announcement to clients.

But after a brief consolidation in risk sentiment, the US Treasury Yields Once

The benchmark returned 2.5044 percent, compared with a US closing price of 2.479 percent on Tuesday, and the two-year yield reached 2.3247 percent versus a US closing price of 2.308 percent.

The price of oil was also close to multi-month highs amid concerns about supply, up 0.72 percent to $ 69.87 a barrel, its highest level since November and near the psychologically important level of $ 70 a barrel. [19659004] It had risen 0.52 percent to $ 69.73 last week, with WTI (US West Texas Intermediate) up 0.37 percent to $ 62.81 a barrel.

News that the club Other sanctions against Iran, the fourth largest producer in the Organization of Petroleum Exporting Countries (OPEC), and the US consider a halt to production in a raw terminal in Venezuela threatened to squeeze supply and raise oil prices on Tuesday float.

(Graphic: Squeezing higher – https://tmsnrt.rs/2CSw2bx)

In the currency markets, the pound was about 0.1 percent higher at $ 1.3139, according to British Prime Minister Theresa May She wants to apply for a further delay in Brexit to draw up a European Union divorce treaty with opposition Labor leader Jeremy Corbyn.

Against the US Dollar, the Dollar Increased by 0.06 Percent The yen rose to 111.38 and the euro edged up 0.18 per cent to $ 1.1222.

The dollar, which tracks the greenback against a basket of six major rivals, fell 0.19 percent to 97.176.

Cryptocurrency Bitcoin, Whic h rose 18.7 percent on Tuesday after a large order from an anonymous buyer, adding 1.2 percent to its $ 4,958.98 earnings.

rose 0.05 percent, trading at $ 1,293.38 an ounce. [GOL/]


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