Asian Stocks gain after China cuts trade tariffs, solid US data
Asian stocks edged up on Thursday, cheered by record closes in Wall Street benchmarks after encouraging economic data, and after China announced a cut in tariffs on some imported goods from the United States.
- MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.3per cent.
- Japan’s Nikkei rose 2.47per cent.
- Mainland Chinese shares also reacted positively, with the bluechip CSI300 index up 0.97per cent.
- U.S. stock futures rose 0.5per cent while China’s onshore yuan rose 0.2per cent to its strongest level since Jan. 23 after the tariff cuts were announced.
- The 10-year U.S. Treasuries yield rose back to 1.672per cent from a five-month low of 1.503per cent set last Friday.
- The yuan gained 0.2per cent to 6.9600 per dollar in onshore trade.
- The Australian dollar rose 0.2per cent to US$0.6758.
- The safe-haven yen stepped back to 109.94 yen , compared with a three-week high of 108.305 hit on Friday.
- The euro stood flat at US$1.0998.
In commodities, U.S. West Texas Intermediate (WTI) crude gained 2.17per cent to US$51.85 per barrel, extending its rebound from a 13-month low of US$49.31 touched on Tuesday.