Asian stocks hit one-month high on Mnuchin cue
- Mounting hops of breakthrough US-China trade deal are likely pushing the Asian stocks higher.
- Chinese stocks, however, have given up early gains and the US index futures continue to report losses.
Asian stocks are trading at one-month highs at press time, possibly on mounting hopes that Chinese Vice Premier Liu would continue talks on trade disputes
The MSCI Asia Pacific Ex-Japan is currently trading at $489.50 - the highest level since Dec. 13. Notably, the index is up 5.84 percent from the low of $462 reached on Jan. 4.
Meanwhile, Shanghai Composite jumped 0.5 percent in early trade but has given up gains in the last few minutes. Names like South Korea's Kospi and Japan's Nikkei are reporting at least 0.4 percent gains each.
The stocks likely picked up a bid after US Treasury Secretary Steven Mnuchin told reporters that Chinese Vice Premier Liu will most likely visit the US later this month for higher-level trade negotiations. Moreover, Mnuchin's comments seem to have bolstered hopes of a breakthrough trade deal.
The S&P 500 futures, however, continue to trade in the red. The gains in the Asian stocks, therefore, could be short-lived.
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
