In Asian Equity Markets indices traded higher Friday morning. Shanghai composite gained 0.17%. Hong Kong’s Hang Seng index also added 0.58%. ZTE shares rose in Friday trade after Italy’s new government approved Rome’s use of special powers in 5G telecommunication services supply deals between a number of domestic companies and providers including China’s ZTE and Huawei. Hong Kong-listed shares of ZTE rose 9.04% in the morning, while their Shenzhen-listed counterpart gained 8.81%. n Japan, the Nikkei 225 gained 0.6%. South Korea’s Kospi also rose 0.3%.

 

In Currency Markets the yen fell on Thursday as global tensions including the U.S.-China trade conflict showed signs of thawing, bolstering investor confidence and reducing demand for safe-haven currencies. The pound rose to its highest level against the dollar in more than a month on hopes that a no-deal Brexit would be avoided. In late U.S. trading, the dollar was up 0.53% at 106.975 yen after reaching 107.235 yen, which was its highest level since late July. Against the euro, the yen was 0.5% lower at 118.015 after falling to 118.6, marking a three-week low versus the common currency.

 

In Commodities Markets oil prices edged higher on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month. Brent crude was up 3 cents at $60.98 a barrel, while U.S. West Texas Intermediate (WTI) crude was up 8 cents at $56.38..U.S. crude and product inventories fell last week, with crude drawing down for a third consecutive week despite a jump in imports, the Energy Information Administration (EIA) said.

 

In US Equity Markets stocks rose on Thursday on expectations of a de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks next month, while strong U.S. economic data eased fears of a domestic slowdown.  The S&P 500 gained 1.30% to 2,975.97. The Nasdaq Composite rose 1.75% to 8,116.83. The S&P information technology index rose 2.1%, while financials jumped 1.9%, the two rising the most among the 11 major S&P 500 sectors. The interest rate-sensitive S&P 500 Banks Index rose 2.5%, following a rise in U.S. Treasury yields.

 

In Bond Markets Treasury yields were higher on Thursday following news that the United States and China had agreed to hold trade talks in October and ahead of U.S. employment data for August and remarks from Federal Reserve Chair Jerome Powell, both on Friday. Across maturities, yields were about 10 basis points higher, with the 10-year yield at 1.564%, up 10.5 basis points. The two-year yield was up 10.6 basis points to 1.540%.

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