Monday, 01 June 2020
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Asian stocks track Brexit deal cheer but China caution prevails

Asian stocks edged higher on Friday, tracking the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains with data expected to show weaker growth.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1% in early trade, echoing Wall Street's small gains. Australian shares were off 0.6%, while Japan's Nikkei .N225 added 0.5%.

Equity markets had enjoyed a bounce from the initial Brexit news, with the S&P 500 .SPX briefly topping 3,000 points for the first time in more than three weeks.

Investors were also encouraged by upbeat earnings from Netflix and Morgan Stanley, but poor results from International Business Machines Corp and weak U.S. economic data weighed.

Source : Reuters

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