Asia Markets Set To Track Wall Street Gains On Hopes Of De-escalation In U.S.-China Tensions
Natalie GordonSummary:
Asia-Pacific markets were set to climb Wednesday, after all three key benchmarks on Wall Street advanced overnight on optimism that U.S.-China trade tensions could ease.
The view of Nanjing Road East Pedestrian Mall, the main shopping street in Shanghai.
Asia-Pacific markets were set to climb Wednesday, after all three key benchmarks on Wall Street advanced overnight on optimism that U.S.-China trade tensions could ease.
This comes after U.S. President Donald Trump indicated that final tariffs on Chinese exports to the U.S. "won’t be anywhere near as high as 145%." However, he added that the duties "won’t be 0%."
Trump also said he has "no intention" to fire Federal Reserve chair Jerome Powell before his term ends, alleviating investors' concerns over the central bank's independence.
Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 35,410 while its counterpart in Osaka last traded at 34,820, against the index's Tuesday close of 34,220.60.
Futures for Hong Kong's Hang Seng index stood at 21,772 pointing to a stronger open compared to the HSI's last close of 21,562.32.
Australian markets were also set to open higher, with futures tied to the S&P/ASX 200 last seen at 7,936, compared to the index's last close of 7,816.70.
U.S. futures jumped after Trump's comments on not planning to remove Powell from his post as central bank chair.
Overnight stateside, stocks rebounded from steep declines in the previous session, as investors cheered the possibility of easing U.S.-China trade tensions.
The Dow Jones Industrial Average rose 1,016.57 points, or 2.66%, to close at 39,186.98. The S&P 500 gained 2.51% and settled at 5,287.76, while the Nasdaq Composite rose 2.71% to end at 16,300.42.
Source: CNBC
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