European stocks rise tracking Asian markets as China plans to ease borrowing costs

The markets witnessed three weeks of fall in stocks and bonds. Traders will not now turn their attention to Fed Chairman Jerome Powell’s address planned at the Kansas Fed’s annual Jackson Hole gathering on Friday, which will indicate if the US will further cut interest rates.

Aug 19, 2019 10:08 IST India Infoline News Service

Stocks in Europe and Asia climbed with US equity futures as investors await commentary from the Federal Reserve chief.

Treasuries fell, while oil climbed.

The Stoxx Europe 600 tracked broad gains across Asia.

Shares in Hong Kong and China led gains supported by news of China's plan to reform its interest-rate system and cut borrowing costs.

Sentiment was further bolstered by a positive close on Wall Street on Friday as well as comments from the US on trade talks with China.

Treasury 10-year yields continued rising from multiyear lows last week. 

The markets witnessed three weeks of fall in stocks and bonds. Traders will not now turn their attention to Fed Chairman Jerome Powell’s address planned at the Kansas Fed’s annual Jackson Hole gathering on Friday, which will indicate if the US will further cut interest rates.

Elsewhere, crude rose after a drone attack on oil and gas facilities in Saudi Arabia raised the geopolitical risk in the Middle East.

-With inputs from Bloomberg

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