· Stocks rebounded on Tuesday from their worst day of the year after China’s central bank indicated it plans to keep its currency at a level stronger than some investors had first feared, easing tensions about the nation using the yuan as a weapon in the trade war.
The Dow Jones Industrial Average closed 311.78 points higher at 26,029.52. The S&P 500 rose 1.3% to 2,881.77, while the Nasdaq Composite climbed nearly 1.4% to 7,833.27. Tuesday’s gains helped the Dow snap a five-day losing streak, while the S&P 500 and Nasdaq rose for the first time in seven sessions.
The bounce in equities came after Wall Street’s major indexes suffered their worst day of 2019 on Monday, when a peak in trade-related angst between the U.S. and China sent investors in search of safer assets.
Some of the stocks that led Monday’s sell-off, such as Apple, Micron Technology and Nike, were among the best-performing stocks on Tuesday. Apple and Micron Technology both gained more than 1.5% while the shoe company advanced nearly 3%.
· European stocks closed lower on Tuesday after China’s central bank set the yuan’s official reference point at a stronger than expected level, easing its retaliation to U.S. tariffs, while rejecting Washington’s designation of Beijing as a “currency manipulator.”
The pan-European Stoxx 600 was 0.4% lower during afternoon trade, with household goods stocks — which covers the China-exposed luxury sector — leading the gains. Luxury brands LVMH, Christian Dior and Hugo Boss all saw their shares cross into positive territory.
· Stocks in Asia Pacific traded mixed Wednesday morning as investors waited for the People’s Bank of China (PBOC) to set its daily midpoint fix for the Chinese yuan.
In Japan, the Nikkei 225 slipped 0.49% in early trade, with index heavyweight and robot maker Fanuc shedding 1.07%. The Topix index declined 0.29%.
Reference: CNBC
Thai
Eng