Asian stocks climbed in June; posted best gain in five months

Tuesday, 2 July 2019 00:16 - - {{hitsCtrl.values.hits}}

Reuters: Asian stocks climbed in June after sharp falls the previous month, with investor sentiment buoyed by expectations of monetary easing by major central banks and hopes for a thaw in strained Sino-US trade ties.

The MSCI’s broadest index of Asia-Pacific shares gained 5.05% in June after declining 6.2% in May. Last month’s gain was the index’s best since January.

Slowing US exports and softer job growth raised hopes that the Federal Reserve would cut interest rates as soon as its July meeting, which prompted investors to look for higher returns outside.

Investors were also hoping a meeting between the leaders of China and the United States in late June would get trade negotiations back on track after a sudden escalation in the dispute in May. Washington and Beijing agreed last Saturday to restart trade talks after President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing.

In June, equities markets in Thailand, Singapore, and Hong Kong all gained between 6-7%.

Bucking the trend, Indian and Vietnamese markets fell over 1% during last month.

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