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Asian stock markets and the Nikkei 225 ended the day higher as investor sentiment improved. This boost followed news that U.S. trade negotiators are expected to visit China next week for their first face-to-face talks with Chinese officials since the G20 meeting. Traders are now turning their attention to the Federal Reserve’s policy meeting next week, with expectations for a 50 basis point rate cut fading.
The Hang Seng Index rose by 0.93% to 28,730, the Shanghai Composite gained 1.01% to 2,929, and the Singapore Straits Times Index increased by 0.23% to 3,380. Australian stocks were up by 0.79% at 6,777. However, the Australian CBA-Markit Purchasing Managers’ Index for July showed mixed results: the Manufacturing PMI fell to 51.4 from 52.0, and the Services PMI dropped to 51.9 from 52.6, leading to a Composite PMI of 51.8, down from 52.5. Skilled vacancies in Australia also fell by 6.7% year-on-year in June. In Japan, the Nikkei 225 rose by 0.44% to 21,745, though the Nikkei Manufacturing PMI came in slightly below expectations at 49.6 for July.
In the forex markets, the USD/JPY traded 0.09% lower at 108.10. The Australian dollar fell by 0.29% against the greenback to 0.6985, while the New Zealand dollar was lower at 0.6698 versus the USD. Gold added $3 to reach $1,421, and crude oil was up by 0.35% at $56.95 per barrel.