Morning Report

Thursday, 26 July 2018

  • Asia stocks searched for direction on Thursday, with Nikkei and ASX down.
  • U.S. stocks rose on Wednesday, with the Dow Jones Industrial Average rising 172.16 points.
  • President Donald Trump on Wednesday said the United States and the European Union would start negotiations immediately on a number of areas that include working toward “zero tariffs” on industrial goods.

Asian stocks opened mixed in early Thursday trade, as investors digested a report that U.S. President Donald Trump obtained concessions from the European Union to avoid a trade war.

Japan’s Nikkei 225 edged down 0.16 percent, the Kospi was up by 0.32 percent, Australia’s S&P/ASX 200 lost 0.40 percent.

U.S stocks closed sharply higher on Wednesday after Trump said the United States and the European Union had launched a “new phase” in their relationship, saying that the two major economies would start negotiations immediately on a number of areas that include working toward “zero tariffs” on industrial goods, and further cooperation on energy issues.

The Dow Jones Industrial Average rose 172.16 points to close at 25,414.10, while the Nasdaq Composite jumped 1.2 percent to an all-time high of 7,932.24. The S&P 500 gained 0.9 percent to trade at 2,846.07, closing less than 1 percent from its record high.

Meanwhile, the dollar index, which tracks the U.S. currency against a basket of peers, last stood at 94.157. The People’s Bank of China (PBOC) set the Yuan reference rate at 6.7662 vs the previous day’s fix of 6.8040.

Source : Reuters

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