Asian shares inched up on Tuesday, with Chinese shares making decent gains
Asian shares inched up on Tuesday, with Chinese shares making decent gains after a week-long holiday, though investors remained cautious over U.S.-China trade talks after President Donald Trump said a quick deal was unlikely.
- European shares were expected to follow, with major European stock futures including pan-European Euro Stoxx 50 futures trading up 0.15%-0.2%.
- Japan’s Nikkei climbed 1.0%.
- MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.55%, led by gains in tech shares in South Korea and Taiwan.
- The MSCI Asia Pacific Index was little changed.
- Taiwan’s stock index gained 0.7% to hit five-month highs.
- Shanghai shares rose 0.6% after the week-long break.
- Major currencies were more range-bound.
- The euro stood at $1.0973, with its recovery from its 2-1/2-year low of $1.10879 hit a week ago meeting a strong resistance around $1.10.
- The dollar traded at 107.40 yen, up 0.15% after having found some support around 106.50 yen in the past few sessions.
- Sterling traded at $1.2290, capped by concerns that sizeable differences between Britain and the European Union remained for striking a Brexit withdrawal deal.
- The yuan gained 0.35% to 7.1269 yuan per dollar, catching up to overseas market moves over the holidays.
- Brent crude futures rose 0.82% to $58.83 a barrel.
- U.S. West Texas Intermediate (WTI) crude gained 0.78% to $53.16 per barrel.