Chinese stocks lead equities stronger on the hope Washington and Beijing are making progress, while global bond yields move higher after a prolonged slide
Higher Chinese equities help lead markets higher as Washington and Beijing make progress in trade talksTokyo — Asian shares rose on Friday, led by a surge in Chinese equities, on hopes that Washington and Beijing are making progress in trade talks, while global bond yields moved higher after a prolonged slide on worries about the economic outlook.
Gains on Wall Street also bolstered investor optimism. The S&P 500 on Thursday rose 0.36% and the Nasdaq Composite added 0.34%. Investors have been on heightened alert since the yield on the 10-year note fell below the three-month US Treasury yield last Friday, an inversion of the yield curve that is widely seen as an indicator of a recession.
“Lower bond yields will support the economy while [US President Donald] Trump is likely to take steps to support the economy as he seeks re-election. The economy could pick up later this year,” he said. The Turkish lira tended its wounds after a 4% plunge on Thursday. President Recep Tayyip Erdogan blamed the currency’s weakness on attacks by the West ahead of nationwide local elections on Sunday.Sterling had taken a knock as the prospect of a swift agreement on Brexit faded with the British parliament yet again failing to agree on a way forward.
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