Asian stocks drift sideways as Trump-Xi meeting approaches
Asian stocks are set for a cautious start on Wednesday as investors move to the sidelines before a potentially tense meeting between Donald Trump and Chinese President Xi Jinping later this week.
Energy counters bucked the broad trend after a bounce in oil prices on Tuesday thanks to an unplanned production outage in the North Sea and growing concerns about diminishing US oil stocks.
US crude rose to USD 51.30 per barrel on Tuesday, its highest since March 8 before settling at USD 51.14 per barrel in opening trades on Wednesday.
That pushed energy and related shares up on Wall Street and helped reverse losses on the broader market. Main US indexes closed between 0.1 to 0.2 percent higher.
Wall Street’s meagre gains are unlikely to provide much support to Asian stocks as investors remain wary of taking fresh positions before a landmark summit for Presidents Trump and Xi on Thursday and Friday.
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