In Asian Equity Markets mainland Chinese stocks edged up in early trade, with the Shanghai composite up about 0.2% and the Shenzhen composite fractionally higher. Hong Kong’s Hang Seng index jumped 1.31%, with shares of CNOOC jumping 3.13%. The Nikkei 225 in Japan rose 0.95%. Shares of Fast Retailing, the company behind apparel giant Uniqlo, rose almost 4% after the firm reported a record profit on Thursday. The stock last traded 3.36% higher.
In Currency Markets the British pound jumped nearly 2% on Thursday, its biggest daily gain since March, after Irish Prime Minister Leo Varadkar said a Brexit deal could be clinched by the end of October after what he called a very positive meeting with his British counterpart, Boris Johnson. The dollar rose 0.1% against the yen to 108.07, while the euro was flat at $1.1004.
In Commodities Markets oil prices remained higher after the head of OPEC said the organisation could take action to balance oil markets, including a deeper cut in oil supplies. U.S. crude was up 0.43% to $53.78 a barrel and global benchmark Brent crude was up 0.46% at $59.37 per barrel. Rising risk appetite tarnished gold’s appeal, pushing spot gold down 0.16% to $1,491.65 per ounce. Copper posted its largest daily gain in a month, up 1.70% to $5,780.50 a tonne.
In US Equity Markets stocks rose on Thursday after U.S. President Donald Trump said he would meet with China’s top trade negotiator on Friday. The S&P 500 gained 0.64%, to 2,938.13 and the Nasdaq Composite added 0.6%, to 7,950.78. Delta Air Lines Inc fell 1.5% after the carrier forecast disappointing current-quarter profit. Apple Inc jumped 1.3% after Longbow Research upgraded the company’s stock to “buy”, citing higher iPhone 11 demand.
In Bond Markets Treasury yields rose on hopes of a trade resolution between the United States and China. However, some investors highlighted the difficulty of using the rapidly shifting headlines on trade to direct investment strategy. The move away from safe havens lifted the yield on close of 1.656% on Thursday. Yields rose across the curve, with two-year notes yielding 1.5464% compared with a U.S. close of 1.53%.