Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
* Nikkei up 0.6%, ex-Japan Asia up 0.05%, China shut
* U.S.-listed Chinese shares bounce after Friday's fall
* Euro near 2 1/2-year low
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
By Hideyuki Sano
TOKYO, Oct 1 (Reuters) - Global share prices ticked up on
Tuesday as some investors clung to hopes that China and the
United States could work towards reaching a deal on trade and
other issues in the fourth quarter.
Japan's Nikkei .N225 rose 0.6% while MSCI's broadest index
of Asia-Pacific shares outside Japan .MIAPJ0000PUS inched up
0.11%.
Chinese markets will be shut for a week from Tuesday to mark
70 years since the founding of the People's Republic of China.
U.S. stock futures ESc1 rose 0.16% in Asia, a day after
the S&P 500 .SPX gained 0.50%.
Technology sectors led the gains on Monday while U.S.-listed
shares of Chinese firms bounced up a tad, after big balls on
Friday, with Alibaba BABA.N up 0.75% and Baidu BIDU.O
gaining 1.53%.
During the July-September quarter, the S&P500 gained 1.21%.
In Europe, the benchmark stock index .STOXX gained 2.15%
in the quarter to end at 16-month high, thanks in part to a weak
euro.
White House trade adviser Peter Navarro dismissed reports
that the Trump administration was considering delisting Chinese
companies from U.S. stock exchanges as "fake news," giving
short-term players an excuse to buy back risk assets.
"Whether it was a fake news or not, it is becoming harder to
know exactly what the U.S. administration will be doing," said
Takashi Hiroki, chief strategist at Monex Securities.
"It's not clear how the U.S.-China talks will progress,
given there are hard-liners against China in the administration.
But if there's no further escalation in the upcoming meeting,
markets will be relieved," he added.
China and the United States are due to resume high-level
trade talks next week in Washington.
While the tussle over trade and technology between the
world's two largest economies has intensified, some investors
are sticking to hopes of a compromise.
A tentative deal could be reached by the end of this year
considering the President Donald Trump's administration would
strive to avoid the U.S. economy falling into a recession in an
election year, they say.
"While we ought not to have preconception, for Trump, not
having made a deal with China could be increasingly seen as
negative ahead of the election next year," said Tomoo Kinoshita,
chief global strategist at Invesco Asset Management in Tokyo.
In the currency market, the euro extended its decline on
worries about sluggish growth in the currency bloc.
The euro traded at $1.0897 EUR= , having slipped to a near
2 1/2-year low of $1.0885 in U.S. trade on Monday.
The yen was barely changed at 108.08 yen to the dollar
JPY= , not far from last month's low of 108.48.
The Japanese currency showed no reaction to the Bank of
Japan's tankan survey showing business confidence at big
Japanese manufacturers worsened in the three months to September
to its lowest level in six years. The Australian dollar fetched $0.6755 AUD=D4 , near
three-week low of $0.6739 touched last month ahead of a likely
rate cut by the Reserve Bank of Australia later in the day.
A majority of 35 economists polled by Reuters expect the RBA
to cut the cash rate for the third time this year.
Oil prices were under pressure, wiping out all of their
gains after attacks on Saudi Arabian oil facilities last month,
on fading concerns of supply shortfalls and conflicts in the
Middle East.
U.S. West Texas Intermediate (WTI) crude CLc1 fell 3.3% on
Monday before rise 0.39% early on Tuesday to $54.28 per barrel.
(Editing by Richard Borsuk)