Monday, 01 June 2020
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Stocks make cautious gains ahead of key Brexit summi

Asian stocks and Wall Street futures inched higher on Tuesday as some investors held out hope that Britain still had a chance to avoid a messy exit from the European Union at key negotiations this week.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.01%. Australian shares were up 0.12%, while Japan's Nikkei stock index .N225 rose 1.38%.

Capping the broader gains, however, was a perceived lack of progress coming out of U.S.-China trade negotiations. "Reports of a œPhase 1" trade deal between the United States and China last week had earlier cheered markets but the dearth of details around the agreement has since curbed this enthusiasm with oil prices extending declines and the safe-haven yen holding gains versus dollar.

The focus has now shifted to Europe where officials from Britain and the EU will meet at a make-or-break summit on Thursday and Friday that will determine whether or not Britain is headed for a so-called no-deal Brexit.

Source : Reuters

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