Asian shares hit an eight-month high on Tuesday as optimism about Chinese measur...
TOKYO - Asian shares hit an eight-month high on Tuesday as optimism about Chinese measures to boost economic growth lifted mainland markets, however, worries about U.S. earnings and a crucial Brexit summit this week limited gains.
Chinese blue chips advanced 0.15 percent as investors cheered a plan unveiled by China’s state planner on Monday to relax residency curbs in many of its smaller cities and increase infrastructure spending. European shares were set to start on a cautious note, with London’s FTSE futures trading flat and Frankfurt’s DAX futures off 0.2 percent. E-Mini futures for the S&P 500 lost 0.1 percent.Wall Street shares delivered a mixed performance on Monday, with the Dow Jones Industrial Average losing 0.3 percent while the S&P 500 added 0.1 percent.
“I am still downbeat about U.S. equities because I think they are overvalued going into what will be a slowing economy,” Jim Walker, Hong Kong-based chief economist at Aletheia Capital, told the Reuters Global Markets Forum on Tuesday.Investors are wary that there might be “a real sharp correction” in equity markets as stocks have had a great run over the past months, said Nick Twidale, chief operating officer at Rakuten Securities Australia in Sydney.
Investors will also focus on a European Central Bank meeting on Wednesday and the start in earnest of the U.S. first-quarter earnings period, with analysts now expecting it to be the first quarter of contracting corporate earnings since 2016.
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