Asian shares see two-week peak, resist U.S. stimulus drag

07.10.2020 - Davydova Maria
Asian shares see two-week peak, resist U.S. stimulus drag

Asian share markets recorded a two-week peak on Wednesday. This followed even after Wall Street and commodity prices plunged on U.S. President Donald Trump’s decision to cancel stimulus talks with lawmakers.

MSCI”s broadest index of Asia-Pacific shares outside Japan recorded a 0.4% gain, hitting its two-week peak. Australian shares greatly contributed to the jump, tallying a 1.3% gain backed by an expansionary budget.

Trump had publicized his decision on Twitter, sending U.S. stocks to their lowest level in two weeks. This also dragged oil prices and supported safe assets like the dollar and bonds. Futures for the S&P 500 advanced 0.2%, while Euro STOXX futures declined 0.4%. FTSE futures saw a 0.2% drop.

Investors are waiting for the minutes from the U.S. Federal Reserve’s September meeting due at 1800 GMT. This is expected to draw a clear outline of the central bank’s plans to push inflation higher and other matters regarding its ultra-loose monetary policy.  

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