Thursday, 21 June 2018

Asian shares crept ahead on Thursday as a lull in the Sino-U.S. trade tussle and talk of more Chinese stimulus helped calm nerves, while tensions in the oil market grew ahead of an OPEC meeting that could expand the supply of crude.

On Wall Street, resilience in tech stocks helped the Nasdaq to an all-time high, though the moves were modest. While the Dow Jones fell 0.17 percent, the S&P 500 gained 0.17 percent and the Nasdaq  0.72 percent.

The dollar .DXY also firmed 0.1 percent against a basket of currencies to 95.159, just off an 11-month top of 95.299. The People’s Bank of China (PBoC) has set the Yuan’s reference rate at 6.4706 for Thursday, versus yesterday’s fix of 6.4586.

The Bank of England holds a policy meeting later in the session but not a single analyst polled by Reuters expects a rate hike, and some are getting cold feet about a rise in August given recent soft economic data.

Oil prices eased a touch as nerves grew ahead of Friday’s meeting between OPEC and other big producers, including Russia. Saudi Arabia is trying to convince fellow OPEC members of the need to raise oil output, according to sources familiar with the talks. Iran on Thursday signaled it could be won over to a small rise in output, potentially paving the way for a deal. Brent crude futures were down 8 cents at $74.66 a barrel, while U.S. crude  was flat at $65.71.

Source : Reuters

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