Asian shares steady on solid China trade data
Asian stocks stabilised on Thursday after positive Chinese trade data bolstered optimism about the world’s second-largest economy, as reported by Reuters.
The Japanese yen, meanwhile, found some constancy after recent declines as Japanese officials reiterated their willingness to intervene in currency markets.
China’s CSI300 index rose one per cent, extending earlier gains, while Hong Kong’s Hang Seng climbed 1.2 per cent.
Japan’s Nikkei also edged up 0.5 per cent. However, US Nasdaq stock futures dipped slightly 0.1 per cent, weighed down by Uber’s downbeat forecast after a surprise quarterly loss.
Oil prices edged higher, recovering from two-month lows reached in the previous session. Brent futures rose 0.4 per cent to $83.91 a barrel and US crude gained 0.5 per cent.
Gold prices remained largely unchanged, as it were 0.1 per cent higher at $2,311.23 per ounce.
Investors are closely watching the BoE’s decision, particularly after Sweden’s central bank cut rates on Wednesday, highlighting Europe’s diverging monetary policy approach compared to the hawkish US Federal Reserve.
Market focus now shifts towards next week’s release of US consumer inflation data for April. Recent inflation reports have surprised on the upside, and the upcoming data will be crucial for gauging the Fed’s future policy direction.
