Asian markets follow global shares higher, trade war still in focus

SHANGHAI (Reuters) – Asian stocks rose in early trade on Thursday following a second day of gains on global share markets amid easing investor concern over the impact from the U.S.-China trade war, but markets remained cautious.  MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.05 percent in early trade in Asia, taking support from Wall Street overnight. Japan’s Nikkei stock index was 0.2 percent higher, while Australian shares eased 0.3 percent. The Dow Jones Industrial Average ended 0.61 percent higher on Wednesday at 26,405.76, its highest close since late January, while the S&P 500 gained 0.13 percent to 2,907.95.

WHAT IS THE PSEi INDEX SAYING?

China’s premier just ruled out currency manipulation as a trade war tactic

    • Chinese Premier Li Keqiang said authorities won’t intentionally lower the renminbi in response to US sanctions.
    • China’s currency has already fallen by around 9% against the USD since April this year.
    • Following Li’s comments, the Australian dollar has pushed higher against all the major pairs in afternoon trade.

Chinese premier Li Keqiang has trumpeted the benefits of global trade, in a speech at the World Economic Forum today in Tianjin, China. And as trade tensions with the US heat up, Li said Chinese policy makers have plenty of tools at their disposal to offset any negative effects from US tariffs. Read more @ https://www.businessinsider.com.au/chinas-premier-just-ruled-out-currency-manipulation-as-a-trade-war-tactic-2018-9

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