Asian stocks boosted by fresh U.S.-China trade hopes

Asian stock markets were mostly higher on Tuesday after the U.S and China indicated progress in trade talks, and as hopes of new coronavirus treatments boosted broader sentiment among global investors.

Asian Stock Markets

  • MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1% and was trading just below a two-year high.
  • Japan’s Nikkei rose 1.4%, while banking stocks led Australia’s S&P/ASX 200 up 0.34%.
  • Euro STOXX 50 futures up 0.4% and FTSE futures up 0.3%. S&P 500 futures extended modest gains in Asia and were last up 0.4%.

Currency Markets

  • The dollar also found support from an overnight rise in yields.
  • The euro to $1.18 and the Aussie at $0.7170 in Asian trade.

Commodity Markets

  • In commodity markets, oil clung to overnight gains after storms disrupted U.S. production.
  • Brent crude futures firmed 8 cents, or 0.2%, to $45.21 a barrel and U.S. crude dipped to $42.52.

Gold Price

The stronger dollar held gold to $1,929.6 an ounce. A light data calendar in Asia has investors looking to Germany’s IFO business survey due at 0800 and U.S. consumer confidence data at 1400 GMT.

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