• Asian stocks climbed on Tuesday, tracking gains seen stateside as trade concerns took a back seat.
  • The improvement in sentiment came on the back of expectation-topping U.S. jobs data released Friday and ahead of earnings season.
  • Resignations of two ministers in the U.K. amid Brexit talks kept the British pound pressured.

Markets in Asia gained Tuesday, taking cues from the rally in U.S. stocks as investors temporarily set aside recent trade-related concerns.

In Japan, the Nikkei 225 advanced 0.8 percent in early trade, building on the last session’s 1.2 percent gain. South Korea’s Kospi rose 0.72 percent , the S&P/ASX 200 saw more moderate gains, with the index climbing 0.19 percent in the morning.

The improvement in sentiment came Wall Street closed sharply higher in the last session, supported partially by the release of expectation-topping June jobs data on Friday. The Dow Jones Industrial Average rose 1.31 percent, or 320.11 points, to close at 24,776.59, posting its best session in more than one month.

U.K. Foreign Secretary Boris Johnson has resigned and will be replaced by Jeremy Hunt. That development came after Brexit Secretary David Davis stepped down on Sunday as he had objected to British Prime Minister Theresa May’s EU withdrawal plan.

The dollar index, which tracks the greenback against a basket of currencies, stood at 94.064.The People’s Bank of China (PBOC) set the Yuan midpoint rate at 6.6259 vs. Monday’s fix of 6.6393. 

Oil prices ended Monday’s session higher, with global benchmark Brent gaining strongly amid looming sanctions on Iran and falling production in Libya. Brent crude closed up 96 cents, or 1.2 percent, at $78.07 a barrel. U.S. West Texas Intermediate crude settled the day 5 cents higher at $73.85.

Source : Reuters

Published by prashanti forex

Prashanti Forex is managed by a certified treasury professional with an experience of more than 15 years in Finance and Advisory Business. His expertise come from various organisations, where he has gained knowledge and deep understanding of financial environment. His Principle Objective is providing customised advise with excellent service, committing a relationship based on integrity, understanding, honesty and trust. We are glad to offer you a boutique of services which will enable your organisation to enhance the profitability and efficiently manage the business risks. Our Services are : Treasury & Risk Management Solutions Trade Finance Wealth Management

Leave a comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: