Friday, 13 July 2018
- Asian stocks climbed on Friday, with Japan leading the gains in regional markets.
- U.S. stocks rose on Thursday, with the technology sector contributing to gains as investors shifted their focus to earnings season.
- The lack of escalation in trade tensions between the U.S. and China likely supported improved sentiment.
Asian shares extended gains on Friday after Wall Street rebounded as technology stocks there touched all-time highs. There was also some relief coming from the lack of escalation in trade tensions between the U.S. and China.
Japan’s Nikkei 225 jumped 1.35 percent as stocks extended Thursday’s gains. South Korea’s Kospi climbed 0.85 percent. In Australia the S&P/ASX 200 edging up by 0.24 percent in the morning.
The firmer footing in Asian markets came after U.S. stocks rebounded on Thursday,The Nasdaq composite gained 1.39 percent to end at 7,823.92, recording its largest one-day gain since June 1.
Friday’s extended recovery in markets also followed the relative calm on the trade front overnight, with the Chinese commerce ministry saying Thursday that China had not been in touch with the U.S. about restarting trade talks, according to Reuters.
The dollar index, which tracks the greenback against a basket of currencies, stood at 94.889. The People’s Bank of China (PBOC) set the Yuan reference rate at 6.6727 vs the previous day’s fix of 6.6726. The People’s Bank of China issued a statement on Friday, announcing that it injected 188.5bn Yuan via 1-year Medium-term lending facility (MLF) at 3.3 percent. Earlier today, the PBOC skipped the open market operations (OMOs).
U.S. light crude ended Thursday’s session down 5 cents at $70.33 a barrel, after touching a session high of $71.24 and a low of $69.23. The contract fell 5 percent the previous session. Benchmark Brent crude oil was up 83 cents, or 1.1 percent, at $74.23 a barrel On Wednesday, Brent slumped $5.46, or 6.9 percent.
Source : Reuters
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