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    AZN   GB0009895292

ASTRAZENECA PLC

(AZN)
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Asian stocks boosted by fresh U.S.-China trade hopes

08/25/2020 | 02:13am EST

* MSCI AxJ gains 0.15%, close to 2-year peak

* Nikkei +1.5%, ASX 200 +0.4%

* U.S. and China see progress on trade talks

* Asian stock markets: https://tmsnrt.rs/2zpUAr4

SINGAPORE/HONG KONG, Aug 25 (Reuters) - Asian stock markets were mostly higher on Tuesday after the U.S and China indicated progress in trade talks, and as hopes of new coronavirus treatments boosted broader sentiment among global investors.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1% and was trading just below a two-year high.

Japan's Nikkei rose 1.4%, while banking stocks led Australia's S&P/ASX 200 up 0.34%.

Futures suggest a positive start to Europe's trading day, with Euro STOXX 50 futures up 0.4% and FTSE futures up 0.3%. S&P 500 futures extended modest gains in Asia and were last up 0.4%.

The upbeat sentiment in Asia on Tuesday followed reports that top U.S. and Chinese officials see progress in resolving concerns around the Phase 1 trade deal reached between the two countries in January.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with Chinese Vice Premier Liu He, the U.S. Treasury said in a statement on Tuesday, during a "regularly scheduled call".

China's commerce ministry said in a statement there had been "constructive dialogue", which followed the U.S. Treasury declaring that "both sides see progress".

Markets have worried that rising tensions between Washington and Beijing over a host of issues could scupper the deal.

"This is consistent with market expectations of the Phase 1 deal staying healthy and likely to hold even as U.S.-China tensions flare up along non-trade dimensions - technology, access to capital, geopolitics," Citigroup analysts said in a research note.

Bucking the regional rally, however, were Hong Kong and China markets, with the Hang Seng slipping 0.4% in the afternoon session while the Shanghai Composite gave up earlier gains to fall 0.32%.

Ord Minnett investment advisor John Milroy said equities market sentiment remained driven by elevated global liquidity.

"The strong rebound in markets continues to be driven by the large amounts of money governments and central banks keep throwing at the system," Milroy said.

"There is no reason to expect markets to stop anytime soon even in the face of reduced global activity levels. Investors keep looking ahead with markets trading well above historical price to earnings levels."

Markets have also been supported by broader optimism about medical solutions to end the coronavirus pandemic. U.S. regulators on Sunday authorised the use of blood plasma from recovered COVID-19 patients as a treatment option, helping the S&P 500 1% higher to another record close overnight.

Shares of AstraZeneca also rose on a Financial Times report that the U.S. government was considering fast-tracking its experimental vaccine.

That seemed to overshadow a rise in coronavirus cases in Europe and the first documented case of human re-infection with COVID-19, where a man in Hong Kong caught the virus again some four months after first being infected.

In currency markets, the dollar edged higher, defying pressure from a gain in stocks that often leads investors to sell dollars for riskier currencies.

Investors are awaiting a Thursday speech from Federal Reserve Chairman Jerome Powell and expect he might address the future approach to inflation, possibly allowing it to run hotter than 2% to make up for years of undershooting.

The dollar also found support from an overnight rise in yields. That kept the euro to $1.18 and the Aussie at $0.7170 in Asian trade.

In commodity markets, oil clung to overnight gains after storms disrupted U.S. production. Brent crude futures firmed 8 cents, or 0.2%, to $45.21 a barrel and U.S. crude dipped to $42.52.

The stronger dollar held gold to $1,929.6 an ounce. A light data calendar in Asia has investors looking to Germany's IFO business survey due at 0800 and U.S. consumer confidence data at 1400 GMT. (Reporting by Tom Westbrook and Scott Murdoch; Editing by Sam Holmes and Kim Coghill)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.74% 8347 Delayed Quote.13.11%
ASX LIMITED 1.40% 89.25 End-of-day quote.23.96%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.09% 0.63121 Delayed Quote.0.30%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.03% 0.696573 Delayed Quote.9.01%
CITIGROUP INC. -0.70% 62.46 Delayed Quote.1.30%
DJ INDUSTRIAL 0.10% 35754.75 Delayed Quote.12.98%
EURO STOXX 50 -0.61% 4205.86 Delayed Quote.19.15%
HANG SENG 1.16% 24249.36 Real-time Quote.-11.97%
LONDON BRENT OIL -1.29% 74.82 Delayed Quote.45.65%
NASDAQ 100 0.42% 16394.335542 Real-time Quote.27.20%
NASDAQ COMP. 0.64% 15786.987996 Real-time Quote.22.49%
NIKKEI 225 -0.47% 28725.47 Real-time Quote.5.16%
S&P 500 0.31% 4701.21 Delayed Quote.24.78%
S&P/ASX 200 -0.28% 7384.5 Real-time Quote.12.42%
S&P/CITIC 300 INDEX 0.00% 4605.46 Delayed Quote.-2.65%
S&P/CITIC 50 INDEX 0.00% 4332.53 Delayed Quote.-10.03%
WTI -1.50% 71.322 Delayed Quote.49.07%
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Analyst Recommendations on ASTRAZENECA PLC
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Financials (USD)
Sales 2021 35 926 M - -
Net income 2021 2 724 M - -
Net Debt 2021 24 888 M - -
P/E ratio 2021 40,5x
Yield 2021 2,57%
Capitalization 170 B 170 B -
EV / Sales 2021 5,41x
EV / Sales 2022 4,42x
Nbr of Employees 76 100
Free-Float 96,4%
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AstraZeneca PLC Technical Analysis Chart | AZN | GB0009895292 | MarketScreener
Technical analysis trends ASTRAZENECA PLC
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Mean consensus BUY
Number of Analysts 25
Last Close Price 109,42 $
Average target price 137,02 $
Spread / Average Target 25,2%
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Managers and Directors
Pascal Soriot Chief Executive Officer & Executive Director
Aradhana Sarin Chief Financial Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Menelas NICOLAS Pangalos EVP-Biopharmaceuticals Research & Development
Pam P. Cheng Executive VP-Operations & Information Technology
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