US stocks rallied for a third straight session on Thursday, shrugging off signs that US trade deals with China and the European Union aren't imminent despite promising signs elsewhere.
France's economy minister Eric Lombard said a trade deal between the United States and the European Union was also a way off.
“There are mixed signals about whether there have been some talks about trade between the US and China,“ said Lloyd Chan, a senior currency analyst at MUFG.
China’s top leaders urged more support for the economy and opposed “unilateral bullying” in global trade, according to a readout of a meeting published by state media on Friday.
The Nikkei rise came despite struggling Japanese auto giant Nissan issuing a stark profit warning on Thursday, forecasting a huge loss of up to $5.3 billion in the 2024-25 financial year.
“Booking significant impairment losses and restructuring charges is a necessary step toward Nissan Motor’s turnaround.”
Seoul jumped one percent after US Treasury Secretary Scott Bessent said a trade “understanding” between South Korea and the United States could be reached by next week.
Markets were also responding to strong earnings from Google parent Alphabet, which reported on Thursday a profit of $34.5 billion in the recently ended quarter.
MUFG's Chan also pointed to the Federal Reserve possibly cutting interest rates sooner than expected.
“In terms of the latest Fed speak, Fed’s Waller has said he would support rate cuts should there be a significant deterioration in the labour market,“ Chan said.
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