Asian shares rise and European stocks look set for gains after President Trump announces US, China negotiators close to inking initial trade deal
US president's upbeat comments on trade stoked confidence in Asia. Experts say"accommodative Fed and accommodative monetary policy" are likely driving the markets, calling US-China trade headlines just"noise" that works in the short-term.
Trump's upbeat comments on trade stoked confidence in Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.29 percent. Australian shares added 0.93 percent and Japan's Nikkei rose 0.39 percent. The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday. But while Trump said Washington was in the "final throes" of work on a trade deal with Beijing, he also underscored US support for protesters in Hong Kong, seen as a sore point for Beijing.
Kay Van-Petersen, global macro strategist at Saxo Capital Markets in Singapore, said while US-China trade headlines may be driving some tactical, near-term moves in the market, they were mostly just "noise". Fed Chair Jerome Powell said on Monday monetary policy was "well positioned" to support the strong US labour market.
The two-year yield, watched as a guide to market expectations of Fed policy, rose to almost 1.6 percent compared with a US close of 1.586 percent.
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