· Global shares edged up on Tuesday after U.S. Treasury Secretary Steven Mnuchin confirmed U.S.-China trade talks will resume next month, but lingering concerns about slowing global growth reduced the overall appetite for riskier assets.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, led by 0.6% gains in mainland Chinese shares after the vice head of China’s state planner said Beijing will step up efforts to stabilize growth.
“The comments gave a little bit of boost to sentiment, but markets are still not that optimistic either,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.
“It seems there have been a lot going on behind the scenes,” he said, referring to unusual exchanges in which U.S. President Donald Trump questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions.
· Japanese shares rose on Tuesday, buoyed by optimism that high-level U.S.-China trade talks will take place early next month and investors bought ahead of companies going ex-dividend later in the week.
The benchmark Nikkei average edged 0.1% higher to close at 22,098.84 points, while the broader Topix advanced 0.4% to 1,622.94, its highest closing since April 23.
U.S. stock futures rose 0.3%, helped by comments from Treasury Secretary Steven Mnuchin that U.S.-China trade talks will take place in two weeks.
· China stocks rose on Tuesday as policymakers promised additional measures to bolster a slowing economy, but lingering uncertainties around the U.S.-China trade talks capped gains.
The blue-chip CSI300 Index and the Shanghai Composite Index both rose 0.3% to 3,901.08 and 2,985.34, respectively.
Chinese investors are optimistic about the prospects of more fiscal stimulus, after Ning Jizhe, a vice head of the state planner, told a press conference in Beijing that China would step up efforts to stabilise economic growth.
· European shares rebounded on Tuesday, getting a boost from the banking sector as optimism on U.S.-China trade soothed growth concerns triggered by disappointing PMI surveys across the bloc.
The pan-European STOXX 600 index rose 0.3%, with the eurozone banking index .SX7E up 0.6% after a 2.8% tumble in the previous session.
London's FTSE index .FTSE moved 0.1% higher, ahead of the Supreme Court's decision on U.K. Prime Minister Boris Johnson's suspension of parliament, which could see the sterling rising if there is a verdict against him.
Reference: Reuters, CNBC
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