Asian shares extended gains on Thursday

Asian shares extended gains on Thursday and U.S. stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy.

Asian Shares

  • MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8%.
  • The Shanghai composite index surged 1.8%. Japan’s Nikkei added 2.4%.
  • The Chinese yuan jumped versus the dollar in offshore trade, while safe-have assets such as gold and the yen fell.

Currency Markets

  • Sterling held onto gains against the dollar in Asia after rallying the most in more than five months on Wednesday after lawmakers voted to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31.
  • Against the offshore yuan, the dollar fell 0.2% to 7.1324 yuan.

Bonds

U.S. Treasury yields extended gains in Asia and the yield curve steepened, both signs that investors were willing to take on riskier assets.

  • The 10-year yield rose to 1.4758%, while two-year yields rose to 1.4519%.

Commodities

  • U.S. West Texas Intermediate crude also reversed losses to trade up 0.2%.

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