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Home / Business / China rebound drives Asian shares higher By Reuters

China rebound drives Asian shares higher By Reuters




© Reuters. A man looks up at an electronic board in Nanjing

By Andrew Galbraith

SHANGHAI (Reuters) – Shares in Asia recouped early on Friday, buoyed by strong gains in China as signs

MSCI's broadest index of Asian-Pacific shares outside Japan was 0.3 percent higher by mid-afternoon, having spent the day dipping in and out of negative territory.

Spread-beds CMC Markets expect to be in Europe, with London's seen up 0.1

percent at the open, Frankfurt's down 0.1 percent and Paris' down 0.2 percent.

Chinese shares rallied in the afternoon after a tentative reassert itself, pushing the blue-chip index 2.2 percent higher.

China stocks have slipped into an early 1990s decline in China

Growth in China's new home prices fell to a nine-month low in January.

Japan's ended 0.2 percent lower after data showed core consumer inflation accelerated slightly in January but remained from the central bank's 2 percent target, underscoring the fragility of the country's economic recovery.

Australian shares gained 0.5 percent and Seoul's Kospi reversed earlier to end up 0.1 percent.

Rob Carnell, chief economist and head of research, Asia-Pacific at ING, said he has been providing support to riskier assets, including equities, in recent sessions.

But with a more dovish Fed and some sort of trade deal already priced in, further developments on trade have not really been had or anything like the impact in markets that they would have done a week or a couple of weeks ago "he said.

Nevertheless, investors continue to watch high-level talks between U.S. and Chinese trade negotiators in Washington, with no more than a week left before a US deadline for an agreement expires, triggering higher tariffs.

The two sides were drafting language for six memorandums of understanding

Chinese Vice Premier Liu He wants to meet with US President Donald Trump at the White House on Friday, the White House said.

Amid the trade discussions, new data from the U.S.. Thursday highlighted its economic outlook is growing cloudy.

Commerce Department said on Thursday that domestic orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.7 percent.

Moreover, the U.S. Mid-Atlantic factory sector fell into contraction territory in May 2016, data from the Philadelphia Federal Reserve showed.

"It's difficult to see manufacturing and services diverging for long, "analysts at ANZ said in a morning note."

And trade uncertainty, which is overhanging the manufacturing

The yield on benchmark is lower than 2.6824 percent Friday, compared with a US close of 2.688 percent on Thursday ebbed.

The two-year yield, viewed as a gauge of higher Fed funding rates, eased to 2.5204 percent from a U.S. close of 2,529 percent.

AUSSIE REBOUND

China's northern port of Dalian has been placed on indefinite ban on imports of Australian coal.

On Friday, Bank of Australia Governor Philip Lowe cautioned against viewing restrictions at Australia, and Scott Morrison, Prime Minister Scott Morrison, said that this is not the only thing that matters.

Lowe that a rate hike may be appropriate next year also helped to boost the dollar.

The US The edged up against the yen to 110.76, while the euro gained less than 0.1 percent to buy $ 1.1342.

The tracks that hit the greenback against a basket of six major rivals, which is steady at 96,611.

turned around from small declines to rise 0.1 percent to $ 57.01 a barrel. what is nearly unchanged at $ 67.09.

Gold rebounded after falling more than 1 percent on Thursday, with trading up about 0.2 percent at $ 1,325.16 per ounce.

Graphic – China's blue-chip CSI300 index: https://tmsnrt.rs/2BXGLRJ


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