Thursday, 7 June 2018
Asian markets trade higher as trade tensions ease
Markets in Asia edged higher on Thursday, following a strong lead from Wall Street based on easing commercial tensions between the United States and its key partners.
In Japan, the Nikkei 225 rose 0.91 percent to close at 22,831.50, with banking and financial institutions offering solid support to the benchmark. Automakers were also up in the session.
Meanwhile, Hong Kong's Hang Seng Index was trading 0.75 percent higher by the time of this writing, boosted by heavyweight financials. Mainland Shanghai composite was down 0.20 percent, and Shenzhen composite eased 0.49 percent.
South Korean markets reopened after a national holiday and the Kospi closed 0.69 percent into green territory, also finding support in the banking sector. The technology sector, however, was down with Samsung Electronics falling nearly one and a half percent.
Australia's S&P/ASX 200 gained 0.53 percent to end the session at 6,057.30 points. Mining giants such as Rio Tinto and BHP extended gains, rising above two percent.
Overnight, market participants priced in the possibility of the European Central Bank reducing its current volume of month bond purchases, as suggested by ECB Chief Economist Peter Praet.
No relevant economic data was released in Asia.
The Dow Jones industrial average closed up 1.4 percent, or 346.41 points, at 25,146.39, crossing the 25,000 barrier for the first time since mid-March.
Economic calendar:
Europe: Germany factory orders for April are up at 06:00 GMT, followed by UK Halifax House Price Index for May at 07:30 GMT. The Eurozone will also present a fresh estimation on its first quarter GDP, with a quarterly advance of 0.6 percent seen.
Asia: Japan’s current account for April and a fresh reading on the first quarter Gross Domestic Product are scheduled for release at 23:50 GMT.
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