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Global Markets: Asia stocks firm as trade war fears ease, euro buoyant

Reuters  |  TOKYO 

By Shinichi Saoshiro

(Reuters) - Asian stocks were firm on Wednesday as investors lapped up the positive mood in markets after China's helped ease fears over a U.S.-trade row, while the hovered near two-week highs.

In overnight trade, Wall Street rallied strongly, taking the baton from a solid Asian session that was driven by Xi's speech seen as striking a more conciliatory stance following a week of tit-for-tat tariff threats between and

MSCI's broadest index of shares outside <.MIAPJ0000PUS> edged up 0.1 percent.

Australian stocks <.AXJO> added 0.1 percent and Japan's Nikkei <.N225> edged up 0.15 percent.

The Dow <.DJI> advanced 1.8 percent, the rose 1.7 percent and Nasdaq <.IXIC> added 2.1 percent overnight after Xi on Tuesday pledged to further open up the and promised to cut import tariffs on products including cars.

"The and are still at a phase in which they are attempting to probe the intentions of the other," said Masahiro Ichikawa, at in

"While showed how far it can go, the markets won't settle down until the two powers reach an actual agreement. The next focal point is how the responds."

In currencies, the was a shade higher at $1.2362 and on its fourth session of gains.

The common was not far from a two-week high of $1.2378 scaled overnight after policymaker told in an interview that its 2.55-trillion bond buying program would be wound down by the end of this year.

The has risen about 3 percent this year on expectations that the ECB would eventually normalise monetary policy and hike interest rates.

The dollar was steady at 107.170 yen after gaining 0.4 percent overnight as an uptick in risk appetite weakened demand for its Japanese peer, often sought in times of market turmoil and political tensions.

The dollar index against a basket of six major currencies was little changed at 89.562 <.DXY> after shedding 0.3 percent the previous day.

rose further after rallying overnight on the easing of U.S.-trade conflict concerns and tensions in the

U.S. futures gained 0.25 percent to $65.67 a barrel after surging more than 3 percent on Tuesday.

(Editing by Shri Navaratnam)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 06:14 IST
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