Asian Markets Up Pinning Hopes on Upcoming U.S.-China Trade Talks
Asian share prices ticked up on Tuesday as some investors clung to hopes the fourth quarter will bring progress in resolving the United-States trade war. So far, the trade conflict casts a shadow over the global economy.
European shares are expected to rise, with pan-European Euro Stoxx 50 futures trading up 0.39% to hit its highest levels since June last year. U.S. stock futures rose 0.35% in Asia, a day after the S&P 500 gained 0.50%. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.23% while Japan's Nikkei rose 0.6% and Australia's benchmark by 0.8%, some of that coming after the central bank cut rates for a third time this year. Starting on Tuesday, Chinese markets are shut for a week to mark 70 years since the founding of the People's Republic of China.
White House trade adviser Peter Navarro dismissed reports that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges as "fake news", giving short-term players an excuse to buy back risk assets. "Whether it was a fake news or not, it is becoming harder to know exactly what the U.S. administration will be doing," said Takashi Hiroki, chief strategist at Monex Securities. China and the United States are due to resume high-level trade talks next week in Washington.