· Global stocks extended their recovery on Thursday, cheered by record closes in Wall Street benchmarks following encouraging economic data, and after China announced a cut in tariffs on some imported goods from the United States.
The tariff relief added to hopes the global economy may be able to avoid a major shock from China’s rapidly-spreading coronavirus, which has battered financial markets in recent weeks.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jumped 1.66% while Japan's Nikkei .N225 rose 2.38%. Mainland Chinese shares also reacted positively, with the bluechip CSI300 index .CSI300 up 1.97%.
China said on Thursday it will halve tariffs on some U.S. goods, which could help improve negotiating conditions for a second phase of trade deal after the two countries signed off on a interim deal last month.
· Japanese shares posted their biggest one-day gain in more than a year on Thursday as investor sentiment was buoyed after China cut tariffs on some imported goods from the United States, lifting some of the gloom from a fast-spreading virus outbreak.
The benchmark Nikkei average jumped 2.4%, its most since late December 2018, to a two-week closing high of 23,873.59.
The broader Topix advanced 2.1% to 1,736.98, also marking its best day in 13 months. Turnover on the main board hit 3.05 trillion yen ($27.7 billion), the highest since Dec. 13.
· China shares rose for a third session on Thursday after Beijing said it will soon halve tariffs levied against some U.S. goods, in an apparent move to boost business and investor confidence amid a virus outbreak that has disrupted economic activity.
The Shanghai Composite index closed 1.7% higher at 2,866.51. The blue-chip CSI300 index was up 1.9%. ** During the session, both indexes hit their highest level since Jan. 23, just before the markets closed for Lunar New Year break when the coronavirus spread further.
· European markets opened higher on Thursday as earnings dominate investor focus and fears over the coronavirus outbreak start to fade.
The pan-European Stoxx 600 climbed 0.7% in early trade, with basic resources jumping 1.6% to lead gains as all sectors and major bourses entered positive territory.
Reference: CNBC, Reuters
Thai
Eng