Asian stocks followed their US counterparts’ recent performance and rushed to the highest in nine-months on early Monday. Not only the upbeat beginning of the US earning season by JP Morgan and Wells Fargo, recent positive signals from the US-China trade talks and welcome figures concerning Chinese trade and credit data also pleased Asian share traders.
MSCI’s index of Asia-Pacific shares ex-Japan surged to the highest since July as it rose nearly 0.6% to 685.45 level whereas Japan’s Nikkei rose 1.5% to 22190 during press time.
China’s Hang Seng added +0.6% while Australia’s ASX 200 was largely flat near 6252. Further, South Korea’s Kospi was also gaining more than 0.4% and India’s Sensex was in green by 0.3% while writing. Additionally, Indonesia’s Jakarta Composite Index remained up by 0.5% ahead of the general elections on Wednesday April 17.
The risk-on sentiment was also witnessed through 10-year treasury yields as the US note yields remained unchanged around 2.56% while that of Australia grew six basis points to 1.94%.
On Wall Street, Dow Jones Industrial Average grew more than 1.0% whereas S&P500 and Nasdaq were both gaining around 0.5%.
After JP Morgan, Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. are all in line to convey their results during this week and will be worth observing. Also, recent reports from Reuters signal that the US is taking a soft stand towards China on trade talks, which in turn seems a positive sign for the global equities. Furthermore, Crude prices struggle at the five-month top amid signs that Russia and the Organization of the Petroleum Exporting Countries (OPEC) might part ways in their production-cuts.
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