· Asian shares fell on Wednesday for the first time in four trading sessions as investors awaited new developments that might scale back a bruising trade war between the United States and China.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.12%. Australian shares were down 0.55%, Chinese stocks .CSI300 fell 0.25%, Japan's Nikkei stock index .N225 rose 0.21%.
Treasury yields fell slightly and crude oil futures fell as investors took a breather as U.S. and Chinese negotiators continued their efforts to seal a preliminary trade deal. The world’s two biggest economies have signaled they are pushing hard for a ‘phase one’ trade agreement, possibly sometime this month.
· Japan’s benchmark Nikkei share average inched up to a fresh 13-month high on Wednesday as hopes for a U.S.-China trade deal, a weaker yen and rising bond yields buoyed exporters and financials.
The Nikkei average ended up 0.1% at 23,303.82 points, its highest close since Oct. 10 last year.
The broader Topix ended marginally higher at 1,694.45, its strongest close in more than a year, after giving up earlier gains as profit taking kicked in.
Overnight, the U.S. 10-year Treasury yield climbed as high as its six-week peak of 1.873% and Germany’s 20-year yield rose into positive territory for the first time in 3-1/2 months on optimism that the United States and China will scale back a bruising trade war.
· European markets opened mixed on Wednesday as investors continue to monitor U.S.-China relations and corporate earnings.
The pan-European Stoxx 600 hovered just below the flatline in early trade, with bank stocks bucking the trend to rise 0.8% as most sectors traded in the red, led by a fall of 0.6% for utilities.
Reference: Reuters, CNBC
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