In Asian Equity Markets indices rose in Tuesday trade following record closes overnight on Wall Street. Shares in Japan led the region following a return from a Monday holiday. The Nikkei 225 rose 2% as shares of index heavyweight Softbank Group jumped more than 2.5%. Mainland Chinese stocks were higher, with the Shanghai composite up 0.68% and Shenzhen composite gaining 0.41%. Hong Kong’s Hang Seng index was 0.53% higher as shares of Chinese tech juggernaut jumped 1.83%. Meanwhile, Australia’s S&P/ASX 200 rose 0.13%. The moves came after the Reserve Bank of Australia (RBA) kept interest rates unchanged on Tuesday

 

In Currency Markets the U.S. dollar advanced against the yen on Tuesday thanks to growing optimism the United States and China are on the verge of reaching a preliminary agreement to scale back their bruising trade war. The yen and the Swiss franc, two currencies that are often bought as safe havens during times of economic or political strife, nursed losses as investors became more comfortable taking on risk. The Australian dollar held steady after the Reserve Bank of Australia (RBA) left monetary policy unchanged, as expected, and said the main uncertainty continues to be the outlook for consumer spending.

 

In Commodities Markets oil prices steadied on Tuesday as investors kept an eye on U.S. inventory data due later, following two days of gains on positive economic data and hopes for a Washington-Beijing trade deal. Brent crude futures were up 4 cents at $62.17 a barrel after gaining 0.7% in the previous session. U.S. crude futures were down 1 cent at $56.53 a barrel. They gained 0.6% on Monday. U.S. crude oil inventories were forecast to have risen last week, while refined products stocks likely declined, a preliminary Reuters poll showed on Monday. Gold prices edged down on Tuesday in a second straight session of losses, on hopes of a Sino-U.S. trade pact.

 

In US Equity Markets all three major U.S. stock indexes posted record closing highs on Monday, extending a recent run of gains on further hopes of a U.S.-China trade deal. The S&P 500 gained 0.37%, to 3,078.27 and the Nasdaq Composite rose 0.56%, to 8,433.20. Limiting the day’s gains was a roughly 2.7% decline in shares of McDonald’s Corp, which dismissed Chief Executive Steve Easterbrook over a consensual relationship with an employee. Under Armour Inc shares fell 18.9% on Monday as the sportswear maker lowered its full-year revenue forecast for a second time this year, a day after it confirmed a federal probe related to its accounting practices.

 

In Bond Markets U.S. Treasury yields rose on Monday ahead of this week’s Treasury Department debt auctions, and as risk sentiment improved on optimism about a deal to de-escalate the U.S.-China trade war. The Treasury will sell $84 billion in debt as part of its quarterly refinancing, including $38 billion in three-year notes on Tuesday, $27 billion in 10-year notes on Wednesday and $19 billion in 30-year bonds on Thursday. Benchmark 10-year notes fell 18/32 in price to yield 1.789%, up from 1.728% late Friday.

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