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Asian stocks at six-week highs as trade war gloom lifts before ECB

Asian stocks at six-week highs as trade war gloom lifts before ECB

12.9.2019

Asian stocks at six-week highs as trade war gloom lifts before ECB

Asian stocks advanced to a six-week high on Thursday on hopes for a thaw in U.S....

FILE PHOTO: A man in a bicycle stops in front of an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan, March 25, 2019. REUTERS/Kim Kyung-hoon

Chinese stocks rose and the yuan hit a three-week high after U.S. President Donald Trump agreed to delay an additional increase in tariffs on Chinese goods by two weeks at the request of China’s Vice Premier Liu He “as a gesture of good will.”

“Some in the market react to small changes in negotiating positions because Trump is negotiating in the open. I’m more concerned about Brexit, because there is some complacency in the EU about this.”

Investors also await an ECB meeting later on Thursday to see how far policymakers will go to support a flagging economy, given the risks posed by Britain’s divorce from the European Union, commonly referred to as Brexit.

The yield on benchmark 10-year Treasury notes rose to 1.7730%, the highest in five weeks, extending a sell-off in government bonds that started on Sept. 4.

The world’s two largest economies have been locked in protracted battle over Beijing’s trade practices that has raised the specter of a global recession.

The euro held steady at $1.1014 but remained near a one-week low. The ECB is set to unveil fresh stimulus measures on Thursday but its exact moves are far from clear.

Political wrangling over the terms of the UK’s exit from the EU has weighed on the outlook for the British pound.

Editing by Lincoln Feast, Sam Holmes & Shri Navaratnam

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