Thu, May 23, 2024

Stocks and “Phase one” Trade Deal

Phase one agreement

Last week, the U.S. and China reached a “Phase one” trade deal. This agreement will affect some of the most important topics, such as intellectual property and technology issues. Stocks in Asia and Europe benefited from the positive news connected with the protracted trade war.

On Friday, stocks strengthened thanks to the positive news about the “Phase one” trade deal. Another news which affected the stocks came from the U.K. As a result of the parliamentary elections, the U.K.’s Prime Minister will have the opportunity to leave the European Union.

The pan-European Stoxx 600 increased by around 1.5% in the afternoon, with travel and leisure stocks gained 3.8%.

Retail stocks added 3.4%, while both banks and basic resources each gained 2.6%.

Stocks in AsiaStock market news

Several hours earlier, stocks in mainland China reached positive results. The Shanghai Composite added 1.78% to around 2,967.68. Another major Chinese stock, the Shenzhen component, rose by 1.71% to 10,004.62.

The Shenzhen composite increased by 1,48% to about 1,660.55.

In Hong Kong, the Hang Seng index increased by 2.57% to close at 27,687.76. The shares of Tencent rose 3.44%. In the meantime, the shares of HSBC jumped 2.99%.

In Japan, the Nikkei 225 added 2.55% to 24,023.10 as shares of index heavyweight Fast Retailing rose 4.39%. The Topix index gained 1.59% to end its trading day at 1,739.98.

On Friday, the Bank of Japan released its “tankan” survey. Based on the information from this survey, business confidence among the large manufacturers fell to the lowest level in more than six years.

In South Korea, the Kospi index saw robust gains as it closed 1.54% higher at 2,170.25. The shares of chipmaker SK Hynix jumped 1.94%.

Shares in Australia also increased as the S&P/ASX 200 index rose by 0.46% to close at 6,739.70. The shares of major miner BHP gained 1.94%.

YOU MAY ALSO LIKE

Quick Look: Gala Games lost $22.2M in cryptocurrency due to lax internal

Wibest – NZD/USD: One hundred New Zealand dollar bills.

Quick Look: Hawkish FOMC Meeting Minutes: The FOMC revealed a cautious stance

Euro (EUR)

Quick Look: EUR/USD hovers near 1.0820, driven by stronger US dollars and

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

ASIC Orders TMGM to Halt Onboarding Clients

Trademax Australia Limited, operating under the TMGM brand, faces interim stop orders from the Australian regulator under Design and Distribution Obligations (DDO). The broker must halt new trading accounts and dealings in CFDs

BROKER NEWS

Broker News

ASIC Orders TMGM to Halt Onboarding Clients

Trademax Australia Limited, operating under the TMGM brand, faces interim stop orders from the Australian regulator under Design and Distribution Obligations (DDO). The broker must halt new trading accounts and dealings in CFDs and