Asian stocks advanced on Friday as hints of progress in U.S.-China trade talks a...
TOKYO - Asian stocks advanced on Friday as hints of progress in U.S.-China trade talks and aggressive stimulus from the European Central Bank helped counter worries about a global economic slowdown.
“Risk assets should find further support from accommodative policies, which are set to remain in vogue for some time, and not just in Europe as seen in the global easing trend,” said Esty Dwek, head of global market strategy at Natixis in Geneva, Switzerland. Trump said he preferred a comprehensive trade deal with China but did not rule out the possibility of an interim pact, even as he said an “easy” agreement would not be possible.
Philadelphia semiconductor shares index hit an all-time high while MSCI ACWI also came near this year’s high after seven straight days of gains by Thursday. The euro stood at $1.10645, having risen 0.5 percent on Thursday and staying near two-week high of $1.10875 hit in U.S. trade.The 10-year German Bund yields also rose back to minus 0.521%.
“I think a rally in stock prices will run out of steam soon. It’s typical buy-on-rumour-sell-on-fact trade on central bank stimulus and will be over by the Fed and the BOJ’s meetings,” said Tatsushi Maeno, senior strategist at Okasan Asset Management.
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