Asian markets closed mostly higher on Monday, shrugging off the cautious mood seen earlier due to the collapse of the G7 summit over the weekend.
The Group of Seven meeting held in Canada ended with deep divisions between the US and its allies. U.S. President Donald Trump declined to endorse the final G7 communique after Canadian Prime Minister Justin Trudeau repeated his criticism of U.S. tariffs on Canadian metals.
Investors look ahead to the historic meeting between Trump and the North Korean leader Kim Jong Un, taking place in Singapore tomorrow. However, most analysts do not think markets will be substantially affected by the meeting. Markets in Australia were closed for Queen's Birthday holiday.
European markets started the new trading week on a positive note, with Eurozone banks rallying after Italian Finance Minister Giovanni Tria soothed investor concerns that the country could exit the Euro. Intesa Sanpaolo, UniCredit and Monte Dei Paschi all closed up over 6 percent.
Milan's index was the top performing market in the continent, closing up 3.5 percent with Italian stocks marking their best day in 13 months.
“The position of the government is clear and unanimous. There is no discussion about leaving the euro. The government is determined to prevent any emergence of market conditions that would lead to leaving the euro,” Tria said in an interview with Corriere Della Serra published Sunday.
Across the Atlantic, U.S. stocks closed mostly in the green. Investors look forward to the Trump-Kim meeting in Singapore set to start at 9 am local time.
This week will be one of the busiest of the year on the monetary policy front. The world’s most influential central bank, the U.S. Federal Reserve, is widely expected to increase interest rates on Wednesday for a second time this year.
The European Central Bank rate setters meet on Thursday in Riga, Latvia and are expected to push on with discussions to close their 2.55 trillion euro bond-buying programme.
The Bank of Japan will announce its June monetary policy decision and give a news conference on Friday.
World Markets Headlines Today
Asian traders cautious after G7 debacle, eyes on Trump-Kim summit (Fin24)
Tech stocks and financials lead Hong Kong market higher (Nikkei Asian Review)
India: Sensex, Nifty hold gains, pharma, banking stocks lead (Mint)
European markets seen higher ahead of Trump-Kim summit (CNBC)
Italian BTP futures jump after new economy minister vows to stay in euro (Reuters)
Stocks Climb as Busy Week Begins; Italy Spurs Euro (Bloomberg)
Dow rises, aims for longest win streak in a month amid ‘huge’ week for stock market (Marketwatch)
U.S. Stocks Gain, Shrugging Off Tariff Rancor (Bloomberg)
Stocks Rise Cautiously Ahead of Trump-Kim Meeting (The Street)
Gold ticks up as dollar softens ahead of key central bank meetings, Oil prices dip on rising supplies from US, Russia (Reuters)
25 Major Markets Stock Indices Closing Data
All Continents Stock Indices Closing Data
Tokyo's Nikkei 225 was up 0.48% while Hong Kong's Hang Seng rose 0.34%. China's Shanghai Composite fell 0.48%. Seoul's KOSPI was up 0.76%. Mumbai's Sensex increased 0.11% while Nifty 50 was higher by 0.18%. Australia's stock market was closed for Queen's Birthday holiday. Singapore's STI finished 0.15% in the green. Jakarta's stock market will be closed all week for the celebration of Eid-Ul-Fitr and Taiwan's Weighted Index was down 0.06%.
The Paneuropean STOXX600 was up 0.73%. France's CAC gained 0.44%. London's FTSE was higher by 0.73%. Belgium's BEL 20 increased 1.15%. Amsterdam's AEX rose 0.86%. Moscow's IMOEX moved downward 0.43%. In Southern Europe, Lisbon's PSI20 was up 0.52% while Spain's IBEX 35 was higher by 1.56% and Italy's FTSE MIB jumped 3.42%. In Scandinavia, Stockholm's OMXS30 rose 0.98% while Copenhagen's OMXC25 was up 0.66%. Helsinki's OMXHPI finished the day 0.11% in the green.
In Central Eastern Europe, Budapest's BUX dropped 0.36% while Warsaw's WIG fell 0.57%. Prague's PX ticked down 0.01% and Bratislava's SAX was unchanged. Tallinn's OMXT was higher by 0.51% while Riga's OMXR was down 0.29%. In Vilnius, the OMXV was up 0.05%.
In South Eastern Europe, Bucharest's BET was up 0.05% while Sofia's Sofix lost 0.35%. Belgrade's Belex 15 fell 0.49%. Podgorica's MNSE10 decreased 0.55%. Sarajevo's SASX10 was unchanged while Banja Luka's BIRS dropped 0.27%. Ljubljana's SBI Top slipped 0.01%. Zagreb's Crobex fell 0.23%. In Skopje, the MBI10 was off 0.31%. Istanbul's BIST100 gained 0.82%. In Athens, the General Index finished the day 1.82% in the hole while in Nicosia decreased 0.36%.
Botsawana's DCI ticked down 0.03% while Dar Es Salaam's ASI dropped 0.57%. Egypt's EGX30 fell 1.37%. Johannesburg's ASI was down 0.13% and Lusaka's ASI moved downward 0.07%. Nigeria's ASI gained 0.92% while Nairobi's ASI rose 0.92%. Namibia's Overall Index was off 0.36%. Mauritius' SEMDEX slipped 0.03% and Tunisia's TUNINDEX advanced 0.60%. Uganda's ASI was lower by 1.16% and Zimbabwe's Industrial Index grew 0.44%.
In the U.S., the Dow Jones was up 0.02% while the S&P rose 0.11%. The Nasdaw gained 0.19%. In Canada, the S&P TSX was higjer by 0.37%. Brazil's Bovespa lost 1.07% while Mexico's IPC grew 0.95%