Asian stocks cheer trade optimism amid downbeat China data, Japanese holiday

Equities in Asia carry the optimism surrounding the US-China trade deal.
Absence of the Japanese traders, a slump in Chinese imports limit market moves.
India’s WPI inflation, trade news in the spotlight as the US/Canada markets are also off.

Anil Panchal FXStreet

Despite witnessing a lack of major data/events amid an off at the US, Japan, and Canadian markets, Asian equities remain upbeat as the MSCI’s Asian Pacific Index (ex-Japan) registers 1.2% gains ahead of the European session opening on Monday.

Australia’s ASX 200 and New Zealand’s NZX 50 seesaw near 1.0% gains by the press time whereas India’s BSE Sensex and China’s HANG SENG also stand positive while writing.

Asia’s share traders seem to carry optimism concerning the US-China trade deal forward after both the nations agreed for an initial deal during last week.

With this, Bloomberg’s news that China denied the US diplomats’ visas for a visit to Taiwan and higher than the expected slump in China’s import/export numbers gain little attention.

However, increasing odds of the United States’ (US) Federal Reserve rate cut, as ascertained through the Fed funds futures, support safe-havens like the Japanese Yen (JPY) and Gold.

Moving on, investors may now look forward to India’s Wholesale Price Index (WPI) Inflation data ahead of focusing on the Eurozone Industrial Production and comments from the European Central Bank (ECB) and the Bank of England (BOE) policymakers.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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